JSW Steel gains after subsidiary gets possession of land in Odisha for a new plant

JSW Utkal Steel needed 2,950.31 acres to set up the greenfield integrated steel plant, of which 2,677.80 acres was the forest land

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The JSW Steel stock gained 0.6 percent at the open on January 8, after its subsidiary, JSW Utkal Steel, received the possession of land in Odisha for setting up a greenfield steel plant.

The Odisha government had given possession of 2,677.80 acres to JSW Utkal Steel for setting up a greenfield integrated steel plant in Jagadsinghpur with 13.2 million metric tons per annum (MTPA) capacity, JSW Steel said in a regulatory filing on January 8.

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It needed 2,950.31 acres for the plant, of which 2,677.80 acres was the forest land. The non-forest land of 272.51 acres had already been leased to JSW Utkal by the Odisha government, the company said.

Also read: JSW Steel gets nod to set up 2,678-acre greenfield-integrated steel plant in Odisha

At 9.44 am, the stock was trading at Rs 830.70, up  0.16 percent from the previous close.

In December, JSW Steel reported consolidated crude steel production for November 2023 at 22.04 lakh tonnes, around 11 percent higher from the year-ago period. Capacity utilisation (Indian Operations) stood at 90 percent for November.

Over the past year, JSW Steel has gained around 11 percent.

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