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JSW Steel looks for mining leases in Karnataka

25 Apr 2013 Evaluate

JSW Steel is scouting to secure mining leases, including bidding for new mines in Karnataka after the judgment of lifting the mining ban in the state by the Supreme Court. The largest steel maker in private sector does not have any captive iron ore mines though it has 14-million tonnes production capacity, which includes a 10-MT capacity in Karnataka’s Vijayanagar.

Earlier, the company was planning to expand its 10 MT Vijayanagar capacity in Karnataka by a further 2 MT for about Rs 2,695 crore. But it has put on hold this expansion because of continuous shortages of iron ore in the region. The entity had plans to fund the expansion by taking a debt of Rs 1,750 crore and meeting rest of the investments, about Rs 945 crore, from its cash reserves.

 

JSW Steel Share Price

1239.90 24.35 (2.00%)
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