September 07, 2008

Jai Balaji plans INR 4.5 billion SEZ in West Bengal

It is reported that Jai Balaji Industries Limited is planning to invest INR 4.5 billion over 3 years to set up a special economic zone for steel processing units in West Bengal.

Mr Aditya Jajodia CMD of Jai Balaji said that "We have received in principle approval from the Indian government to set up the SEZ. The investments will be funded through a mix of internal accruals, debt and issue of fresh equity." He added that it has identified 300 acres of land near the eastern town of Durgapur for the export oriented SEZ.

Jai Balaji has a steel making capacity of 1.2 million tonnes with 2 plants in West Bengal and 1 each in Chhattisgarh and Jharkhand.