JSW group will double its investment in Tamil Nadu to Rs 30,000 crore

Chennai: Noted industrialist and Chairman of the diversified conglomerate JSW Group Sajjan Jindal on Sunday said his company is planning to double the investments made in Tamil Nadu across sectors over the next few years.

Jindal, who is here to take part in the Global Investors' Meet organised by the Government of Tamil Nadu said JSW as a group has invested Rs 15,000 crore in the state till date.

JSW Group has a presence in Tamil Nadu with its JSW Steel and JSW Energy businesses.

Heaping praise on the ruling DMK government, Jindal said Tamil Nadu has been a pioneer in the development of industries and continues to provide the right ecosystem that nurtures entrepreneurship with innovation at its core.

Tamil Nadu’s growth across sectors, especially automobile, auto-components, fertilisers, sugar, textiles and Information Technology has helped position India as a frontrunner on the global map, he said.

Jindal also remarked that the state has the highest number of factories manufacturing automobiles as well and related components in the country with 39,000 of them present in Tamil Nadu.

"As a result of the government's robust, financial, sustainable and inclusive growth mantra, Tamil Nadu has become the second largest economy in India," he said.

"Across decades, there has been consistency in the governance and unwavering support for industries," he said.

Referring to the acquisition of a steel plant by JSW Steel in 2005 marking its foray in the state, Jindal said, "At that time, it was a small steel plant of 300,000 tonne capacity. Over time, this has become a 1 million tonne steel plant, producing very special steel products. Out of the 50 per cent produced in India, 50 per cent gets exported."

"So we produce steel in Tamil Nadu which goes all over the world for very high specialised applications," he remarked.

Observing that running the industry has been "seamless" and "lucrative" in Tamil Nadu, Jindal said, "We have not lost a single mandate of operations at our plant, due to supply chain disruptions or labour or any other utility issues and they are a testament to the pro-business environment."

"JSW Energy has invested over Rs 9,000 crore in renewable energy projects and out of the 1,310 MW that we committed, 350 MW has already been commissioned and the balance will be commissioned by June of this year," he said.

On the overall investments made by the group, he said, "We have so far invested over Rs 15,000 crore in Tamil Nadu and I plan to double that investment over the next few years and propose to invest further in a 1,000 MW of pump storage project and a 1,000 MW of wind power energy. This is where Tamil Nadu continues to play a significant role."

Tamil Nadu was the first mover in developing and installing wind power four decades ago and continues to drive India closer to its renewable energy goals, he said.