Sajjan Jindal's Bengal steel project to start soon

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SME Times News Bureau | 12 Jul, 2012
The West Bengal government and JSW Bengal Steel have resolved their differences and will sign an agreement for the Rs.350 billion integrated steel plant at Salboni in West Midnapore district in the next few days.

Senior officials of Sajjan Jindal-led JSW Steel met Industry Minister Partha Chatterjee and held talks Tuesday on the draft of the final agreement on the proposed 10 million-tonne steel plant that was conceived in 2007.

The state government and the company would sign a land lease agreement and a supplementary development agreement for the project.

"We have reached to a consensus. In any time the lease agreement could be signed," Chatterjee said after the meeting.

Jindal officials also said the agreement would be signed soon.

"The draft agreement is finalised. As far as we are concerned, we should be signing the agreement within 10 days," said Biswadip Gupta, joint managing director and chief executive of JSW Bengal Steel.

As part of the relief and rehabilitation package, the company has paid compensation to each land-loser family and distributed shares.

It has also set up a trust and promised to give a job to a member of each land-loser family.

"Shares are already transferred from promoter's quota. Role of the trust is also finalised," Gupta said.

The size of the trust could be about Rs 15 crore.

Commercial production for the first phase of the project was earlier expected to begin in 2014, but the 2008 economic slowdown, Maoist insurgency and the change of guard in the state further delayed the project.