JSW Steel to invest around Rs 1,000 crore in its Tamil Nadu Unit
JSW Steel plans to invest Rs 800 crore to Rs 1,000 crore at its Salem unit in Tamil Nadu. The facility, which produces special steel and currently supplies largely to the automobile sector, will soon start catering to the aerospace sector. At present, the Salem unit uses the MARG Karaikal Port, which cannot handle vessels with higher tonnage. “We would invest Rs 800-1,000 crore. We have already approached the ministry of environment and forests and the terms of reference is expected in a week. We want to take up the expansion project this year,” said D Ravichandar, the chief executive of JSW Steel Salem Works. A major chunk of the plant’s products are supplied to automobile customers, said Ravichandar. According to him, this facility was the first to supply Indian crankshafts to Honda, which was importing till then.