JSW Steel has acquired a land parcel spread over 30.5 acres in Pen, around 4 km away from its existing 10 million tonne per annum (MTPA) integrated steel plant at Dolvi in Pen near Mumbai.
The company has purchased the land parcel for Rs 23.22 crore and had paid nearly Rs 14.82 crore as advance payment towards the same in December 2018.
“The company is likely to utilise the land parcel either for the expansion of its steel plant or development of an integrated township,” said one of the persons with direct knowledge of the development.
The company has recently expanded the capacity of its Dolvi plant, which came to JSW Steel through the acquisition of Ispat Industries in 2010, from earlier 3.3 million tonne to 10 million tonnes.
The steel manufacturer has paid stamp duty of Rs 1.39 crore for the registration of the deal that took place on October 3, showed the documents accessed through CRE Matrix, a real estate data analytics firm.
JSW Steel declined to comment for the story.
JSW Steel has recently announced its plan to invest over Rs 48,000 crore in the next three years as part of its capital expenditure proposal in a bid to expand its capacity. Of this, capital expenditure worth Rs 20,000 crore is for the ongoing financial year 2022-23, the company’s CMD Sajjan Jindal has said while responding to shareholder’s query.
Over the last three decades, the company has grown from a single manufacturing unit to become India’s leading integrated steel company with a capacity of 28.5 million tonne per annum in India and the USA including capacities under joint control.
The company’s next phase of growth in India will take its total capacity to 38.5 million tonne per annum by 2024-25.
Separately, On Thursday, the company announced its subsidiary JSW Steel USA has tied-up long-term financing with two Italian banking institutions, Intesa Sanpaolo and Banco BPM, for its plate mill modernisation project in Baytown, Texas.
