JSW STEEL LTD. - Clarification from JSW Steel Ltd

Rediff Moneywiz

Hi Guest
Feedback

JSW STEEL LTD. - Clarification from JSW Steel Ltd

Download	< Back
17 Jul 2014
The Exchange had sought clarification from JSW Steel Ltd with respect to the news article in the Media (Business Standard - July 16, 2014) that "Double whammy for JSW's Bengal project".<br/><br/>JSW Steel Ltd has replied as under:<br/><br/>"We have no communication received about cancellation of Power purchase agreement. The news report is of a speculative nature. We note to keep the Exchange informed if there are any material developments in this regard.<br/><br/>We are committed to the Bengal project and have spent over Rs. 600 crores. Unfortunately, Iron ore which is the critical input for steel making is not made available to steel companies which are set up after liberalisation for value addition within India. Instead, India granted mining concessions to merchant miners encouraging export of iron ore and import of steel.<br/><br/>Compounding the problem, Iron ore bearing States are now restraining the movement of iron ore to other states threatening the survival of steel companies in non-iron ore bearing states. In these circumstances, JSW Steel requested West Bengal government to facilitate long term sustainable supply of iron ore to take up active implementation of Bengal Steel project. West Bengal government is seized of the matter and JSW Steel is working along with the West Bengal Government to resolve this issue. We are confident that we along with West Bengal Government will find solution to this problem to enable us to take up the project implementation expeditiously."
View all announcements for JSW STEEL LTD.	Source: BSE India

ALL MONEYWIZ PAGES