JSW Steel chief asks Mamata Banerjee for help in sorting out iron ore policy in state

IndiaBusinessPeopleBloomberg UTV.Jan 10, 2012, 09:59AM IST

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Sajjan Jindal, Chairman, JSW Steel

JSW Steel chairman Sajjan Jindal met West Bengal Chief Minister Mamata Banerjee to ask for help in sorting out the iron ore policy in the state, which was delaying the setting up of a steel plant at Salboni.

Jindal said the proposed plant will be fully dependent on mines outside Bengal for iron ore if the policy is not finalised soon. The company had earlier reported that it is working with NMDC to sign an agreement for sourcing iron ore for its plant at Salboni in West Bengal.

“We are working with NMDC to sign an agreement (for supply of iron ore) for the project and requested the state government to take up the issue with the Centre,” said Jindal.

He further said the projects financial closure is already completed. He said that IDBI Bank would provide loan to the company.

JSW Steel also plans to set up a 250-bed hospital in the zone of the proposed plant, Jindal added.

At 9:41 a.m., the company's stock was trading at Rs 587, up 2.61% on the BSE.