JSW group to transform Salboni: Unveils ambitious industrial park plans

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JSW group to transform Salboni: Unveils ambitious industrial park plans

JSW group to transform Salboni: Unveils ambitious industrial park plans

Industry News
Oct 04,23

This strategic move aims to attract both domestic and international investors, fostering diverse industrial enterprises on a sprawling 3,000-acre site.

JSW group to transform Salboni: Unveils ambitious industrial park plans

JSW Group, a formidable industrial conglomerate valued at $23 billion and led by Sajjan Jindal, has unveiled plans to establish an industrial park in Salboni, West Bengal. This strategic move aims to attract both domestic and international investors, fostering diverse industrial enterprises on a sprawling 3,000-acre site. This decision represents a significant departure from JSW Group's previous intention of relinquishing this land to the state government.

Initially leased for an integrated steel and power plant in 2008 by the former left front government, the project never materialised. Despite this, JSW Group retained possession of the land, with a substantial portion remaining unused. Earlier this year, the conglomerate had expressed its desire to return the land, reserving a portion for the existing cement manufacturing unit and future expansions. However, policy changes introduced by the Bengal government, including the conversion of leasehold land to freehold, prompted JSW Group to reconsider the fate of the Salboni land.

Under the new policy, JSW Group is considering seeking the state's approval to convert the land's leasehold status to freehold by paying the necessary fees. Sajjan Jindal, the Chairman and Managing Director of JSW Group, commended the efforts of the Mamata Banerjee-led government in promoting industrial growth in Bengal. He stated that Bengal possesses the ideal conditions for industrial resurgence, and the land in Salboni will serve as a magnet for international investors and diverse industries.

The decision of JSW Group has received favourable reception from the state administration, which believes that the Jindal family is better positioned to develop an industrial park on the plot compared to the government. Several local industries in Bengal, including Captain Steel India Ltd, have expressed interest in securing parcels of the land designated for the industrial park. Captain Steel India Ltd, with former Indian cricket captain Sourav Ganguly as its brand ambassador and a minority shareholder, aims to establish a sponge iron-based plant for TMT bars production on a 600-acre section of the Salboni land.

JSW Bengal Steel, an unlisted subsidiary of JSW Steel, currently holds the lease for approximately 4,100 acres in Salboni since 2008. Despite challenges such as a bomb blast by Maoists during the groundbreaking ceremony in 2008 and subsequent difficulties in procuring essential resources, JSW Group remains determined to transform this plot into a thriving industrial hub, building on its extensive expertise and experience in the sector.

Source: telegraphindia.com