Hong Kong-based $3-billion JB group is planning to set up an integrated steel plant in the country. The company, headed by Bhupen Surani, an NRI , is identifying iron ore and coal mines blocks in certain southern states for the purpose. ?We plan to invest Rs 1,500 crore in the next fiscal in the country. Currently, we are identifying appropriate areas in Karnataka, Maharashtra, Gujarat and Rajasthan and hope to start construction work by next fiscal,? Jatin Chutke, JB group VP, told FE. A core team of 15 professionals are working on the road-map and it is likely to submit its report soon, he added. ?Basically, we are looking for mines which are already prospected and we are also open for getting a transfer of lease in our favour,? he added.
The group is also planning to set up a coal-to-methanol refinery. The company has already set up a group to undertake a feasibility study, which includes study of logistic and climatic condition. The company is already working for setting up a methanol refinery in Inner Mongolia, China and once the plant becomes operational, it plans to use similar technology for setting up a methanol refinery in India as well.
The Chinese methanol refinery, having a capacity of 1.2 million metric tonne, has incurred an overall investment of $350 million. and is likely to start operation in 2008. JB group is a diversified multi-national corporation.