JSW to Invest USD 1.1bln on Ports
JSW Group will invest INR 7,000 crore (USD 1.1bln) more in the ports sector over next three years to create assets in the country as well as abroad, PTI reported. The company is also looking at diluting up to 15 percent stake in the ports operating company, JSW Infrastructure, to a private equity player soon, and take it public by 2019. JSW Infrastructure Ltd (JSWIL), a 100% subsidiary of Sajjan Jindal led-JSW Group, has also drawn up a master plan to develop its Jaigarh Port in Konkan as one of India’s biggest ports that could receive big bulk carriers, LNG, LPG and oil tankers. At the company level, total capacity target is 200 mtpa by 2020, Jindal said and added that the port now handles dry bulk cargo but has plans to enter container handling.
India's JSW Raises Iron Ore Imports
JSW Steel, led by billionaire Sajjan Jindal and India's third-largest maker of the alloy, will import 6 million metric tons of iron ore this fiscal year compared with no shipments a year earlier due to production cutbacks at home. JSW's return to the sea-borne iron ore market after a gap of more than a year could further support prices that seem to be recovering after sliding to 21-month lows in mid-June. India's Supreme Court in May ordered the temporary closure of some iron ore mines in top producing state Odisha pending renewal of their licences. This has cut output from the state that produced more than 70 million metric tons last fiscal year. A previous court clampdown on illegal mining in Karnataka and Goa states have also stifled supplies.
