JSPL announces Quarterly Results | plans to expand Angul plant in Odisha

Jindal Steel and Power Ltd, one of India’s leading steelmakers, announced record sales of 7.63 mt in FY22.

The company said in a statement that strong sales in the first quarter were fueled by a record output of 0.77 mt (up 5 percent year over year). As a consequence of the good operational performance, the firm reported the highest ever output for the March quarter of 2.11 mt, (up 2 percent year on year)

The company has significantly enhanced its raw material supply after winning four new coal blocks recently. “We are fully aligned with the Government of India’s targets to achieve carbon neutrality in the future and continue to work towards reducing our carbon emissions”, said VR Sharma, Managing Director, JSPL.

According to a statement, the company’s production goal for FY22 has been met. The production goal for FY23 is over 9 million tonnes. The Angul plant development is on schedule and JSPL is on course to attain a capacity of over 15 mt by FY25.

The company intends to build another coal gasification facility as part of its expansion plan to manufacture steel using gasification technology at Raigarh. Gasification is a process that converts coal into syngas, which may then be used to make electricity, gasoline, diesel, and other petroleum products.

JSPL’s plant in Angul, Odisha, is already using coal gasification technology to produce steel. The factory, which has a capacity of 2 mt per year and was launched in 2018, is India’s first and only plant to produce steel from ‘swadeshi’ coal utilizing coal gasification technology.

According to reports, the company plans to develop its Odisha plant into the largest and greenest facility in the world. The expansion is said to raise JSPL’s investment in Odisha from Rs. 45,000 crores to above Rs. 1, 25,000 crores. As a result, the state is likely to see a surge in economic activity and job prospects.

“We won the Utkal B1 & B2 Coal Block on 17^th Punya Tithi of Shri OP Jindal Ji who had a vision of using indigenous coal to make steel. This will help us to translate the shared dream of Bauji and legendary leader Biju Patnaik Ji to reality and bring prosperity to Odisha through value addition of natural resources and industrialization” said Naveen Jindal, Chairman, JSPL.

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