JSW Steel to go ahead with West Bengal project

Thursday, 28 August 2008, 03:58 Hrs
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Kolkata: JSW Steel, which is setting up a steel plant at Salboni in West Medinipur district of West Bengal, will go ahead with the project despite the ongoing agitation in Singur over land acquisition for the Tata Nano small car project, a top official said here Tuesday.

"We will go ahead with our investment in the state. We have acquired 4,800 acres for our project in Salboni. If we have any problem in future, we will face it and sort it out," JSW Steel chairman and managing director Sajjan Jindal said on the sidelines of a function.

The three-million-tonne capacity steel project will be operational by 2011-12. The total project cost is 350 billion.

Regarding the Nano project in Singur, he said: "It is very unfortunate and this is not good for the state."

These political developments may cause short-term set back for the state, he added.

"If Tatas go out of the state, it will be a major loss for West Bengal."

Jindal, however, had a solution for avoiding controversies similar to the one in Singur.

"Industries should not come up in fertile lands," he said.

"If the companies make the farmers shareholders of the companies, which are acquiring their land, the entire process becomes easier."

Expressing disappointment over the Singur agitation, Society of Indian Automobile Manufacturers (SIAM) said in a statement Tuesday: "SIAM believes that this (setting up Singur plant) was a landmark decision that could and will change the lives of people in the area and also revive industrialisation in the state of West Bengal and the eastern region."

"SIAM would like to appeal to all concerned that a process must be initiated to arrive at a solution that would take forward the project so that production targets are not missed," it added.
Source: IANS
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