Jindal Steel wraps up MoU with Jharkhand

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Ranchi, July 5: Jindal Steel and Power Limited has proposed to set up an integrated steel plant of 5 million tonne with an estimated investment of Rs 11,500 crore in Jharkhand.

A memorandum of understanding between the steel giant and the state government was signed on Tuesday in the presence of the group’s vice-chairman and Lok Sabha member Naveen Jindal and chief minister Arjun Munda.

The proposed plant would provide direct employment to a total of 4,500-5,500 people and would create about 30,000 ancillary jobs.

Jindal said the group had identified Chandil in Singhbhum district as the proposed site and the estimated requirement of land is about 3,000 acre, excluding township.

The mining lease requirement has been estimated based on the requirement for 30 years of operation. The mining lease of iron ore has been estimated based on the assumption that both lump ore and fines generated in the mines will be fully utilised at the proposed plant.

Naveen Jindal, also the managing director of JSPL, said the group’s thrust would not only be on setting up the plant but also on its social responsibility and it will contribute its bit in education, health and infrastructural development.

He said the plant would come up within five years from the date of allotment of the required land.

Chief minister Arjun Munda said the state’s economic surge would get a new direction, lifting people’s standard of living through employment opportunities.

Chief secretary PP Sharma said the government would facilitate land/mines/water rights acquisition to the private sector and the group would get power till it set up its own power plant.