Jai Balaji Industries Ltd., the flagship company of the Jai Balaji Group and a steel manufacturing company in India, said it has inked a memorandum of agreement or MoA with the West Bengal Government to set up a 5 million ton integrated steel plant, 3 million ton cement plant and 1,215MW captive power plant in Puruliya district of West Bengal with an outlay of Rs.16,000 crores.
The West Bengal Industrial Development Corporation or WBIDC, the nodal agency of the state government, has already allotted over 748.97 acres of land to the company to commence activities of the first phase of the project. The company will be starting work on the project, including land development activities, once the other regulatory clearances are in place.
The Kolkata-based company said that the project, once completed, would be one of the largest and most modern steel plants. The project single handedly will be able to usher industrial activity and economic development of the Puruliya district.
The project will also show the way to set up of many ancillary units in the district and will generate direct and indirect employment to another 45,000-50,000 people.
Considering the large infrastructural development activities being undertaken in the state, the cement project of this kind will be ideal to meet the demand. Besides, the project will be iconic in nature and will attract further investment into West Bengal, the company said.
Jai Balaji commenced its operations in West Bengal in the year 1999 with a unit at Ranigunj. Since then the company has continuously expanded or rather multiplied its operations and now ranks among the top ten steel producers in the country.
The company has already set up 1 million ton fully integrated steel plant and ferro alloys plant along with captive power plant and private railways siding. The company has also expanded geographically and now has presence in three states, namely, West Bengal, Jharkhand and Chhattisgarh. The group already created direct and indirect employment opportunities in excess of 30,000 people in the state.
The company clocked a net profit of Rs.119 crores on total revenue of Rs.1,304 crores for the fiscal year ended March 31, 2008.
At the BSE, Jai Balaji shares are currently trading at Rs.80.20, up by Rs.2.50 or 3.22% from the previous close.
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