JSW Steel Acquires Greater Than 30 Acres Land in Pen Near Mumbai

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As per credible real estate sources near Mumbai, JSW Steel has bought a 30.5-acre block of land in Pen, close to its 10-million-tonne-per-annum (mtpa) integrated steel factory in Dolvi, close to Mumbai.

It acquired the plot of land for Rs. 23.22 crore and made an advance payment of roughly Rs 4.82 crore in December 2018.

The corporation is expected to utilise the land piece for the expansion of its steel mill, the creation of an integrated township, or the construction of a warehouse, according to a source with firsthand knowledge of the situation.

JSW Steel has increased the capacity of its Dolvi factory, which it acquired in 2010 via the acquisition of Ispat Industries, from 3.3 million to 10 million tonnes.

JSW Steel refused to comment In an effort to increase its capacity, JSW Steel has recently declared its intention to spend more than Rs. 48 billion over the next three years as part of its capital expenditure proposal.

Sajan Jindal, the company's chairman and managing director, informed shareholders that expenditures of Rs 20,000 crore would be made during the current fiscal year 2022-23.