Jindal Steel Works Limited (JSW) paid the highest revenue to the State Government among all mine owners during the period of April to September 2021.
The company’s revenue share is 46.3% at Rs 6019.42 crore against the state’s total collection of 12976.17 crores. Earlier, the company had paid Rs 1377.66 crore revenue from January to March 2021, the highest for the said period. It has continually been the highest revenue payer among top steel players and iron ore producers in the State.
The state registered a 221 percent growth with mineral revenue touching 18473 crores collection by September 30, surpassing its budget estimate collection for the entire 2021-22 fiscal, according to a release by the steelmaker.
“We truly believe the wealth of Odisha belongs to the people of Odisha and as the highest revenue generator in terms of iron ore in the state and we are giving it back to people”, said MrRanjanNayak, COO, JSW Steel.
Odisha’s mines have a direct impact on India’s economy and global trade. Steel output in India is expected to double by 2031, contributing approximately 2.1 percent to the country’s Gross Domestic Product (GDP), and it is expected to exceed 3% in the next decade, thanks to Odisha mines. Besides iron and steel, there are other minerals from Odisha’s mines that would be transformational for the Indian economy.
Odisha is now projected to be the Steel Capital of India and would become the principal provider to India’s targeted 300-million-ton steel capacity by 2030. The State has the potential to cater to at least half of the additional requirement in Steel in India by 2031 and JSW is eyeing to play a pivotal role in spiraling Odisha toward this three-digit growth in production of Steel.
Odisha’s substantial mineral reserves account for 28 percent of India’s total deposits of iron ore, 24 %, 59 % bauxite, and 98 % chromite, putting it in a prominent place on the country’s map. Many mining and metallurgical businesses have taken notice of the state’s comparative advantage on this front.
The Odisha government has set a goal of achieving a $1 trillion economy by 2030. To achieve the goal, the mining sector would play a great role. JSW Steel, as a leading steel manufacturer, would contribute its part to achieve the goal. The Company is setting up a world-class steel plant in Paradeep of Jagatsinghpur district. The state government would reap significant profits from the company’s latest project.
JSW current operations in Odisha include a subsidiary steel plant with 3 MT, 30 MT iron ore mines, 5 MT cement plant and 50 MT of iron ore/coal terminal at Paradip port. our growth vision includes proposed expansion of our brownfield project from 3MTPA to 10 MTPA as well as setting up a world-class 12 MTPA greenfield facility along with a captive port at Paradip.