JSW Steel, after cutting down its investment in the first phase of its 10-mega tonne per annum steel plant at Salboni in West Bengal by almost a third, said it has decided to defer the commencement of construction work at the site, due to current economic situation, reported the PTI quoting the company's Vice-Chairman and Managing Director, Sajjan Jindal.
The construction work was scheduled to commence in March next year. Now it is likely to be delayed by 6-8 months. JSW Steel announced early this year that it was cutting its proposed investment by nearly one-third to around Rs.4,000 crore for the first phase of the Rs.35,000-crore mega steel project in West Bengal.
Jindal, while answering a query on the 10-MTPA proposed steel project in Jharkhand, said that it might also be delayed in the present economic scenario, adding that the company is working on getting regulatory approvals.
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