JSW Gets Environment Clearance for its Odisha Steel Project
The shares of JSW are trading at Rs.746, a drop of 2.79% on the National Stock Exchange.
Bhubaneswar : JSW Utkal Steel Ltd (JUSL), a wholly-owned subsidiary of Sajjan Jindal-led JSW Steel Ltd., has received the environmental clearance (EC) for its proposed Greenfield Integrated Steel Plant (ISP) of 13.2 million tonnes per annum (MTPA) crude steel near Paradip in Jagatsinghpur district.
The shares of JSW are trading at Rs.746, a drop of 2.79% on the National Stock Exchange.
The Union Ministry of Environment & Forest and Climate Change (MoEF&CC) has given its approval for the mega steel project in Odisha. The mega project will generate huge employment opportunities in the region, which in turn will boost the economy of the State, the JSW said.
The capital expenditure for the modern, green and environment-friendly integrated steel plant (ISP) project is expected to be around Rs 65,000 crore including associated facilities. The phase-wise work for the project will start once the land is handed over to the company by the Government of Odisha.
The project is one of the largest in the manufacturing sector in the country and MoEF&CC accorded the EC after successful public hearings, it said.
JUSL has earmarked budgets for social interventions under public health, education, skill development, social infrastructure, waste management, environment, drinking water, women empowerment and so on.
Additionally, based on the environment impact assessment (EIA), the company has plans to incur expenditure for the environment protection and mitigation measures, it said.