JSW Steel plans to achieve 45 million tonnes per annum capacity well before its target of 2030 as it marks its foray into the eastern region of the country with the acquisition of Bhushan Power and Steel Ltd (BPSL).
In a letter to BPSL employees, JSW Group Chairman Sajjan Jindal said “your contribution will be key in bolstering our ambitious growth plans of achieving 45 MTPA capacity well ahead of the 2030 timeline. The synergies we draw will also play a pivotal role in transforming the lives of millions of our stakeholders.”
He further said JSW Steel has acquired Bhushan Power and Steel under the provisions of Insolvency Bankruptcy Code, 2016.
“I heartily welcome you all to the JSW Group where we are committed to building a strong and self reliant India. This is an important milestone and it is the largest acquisition in the history of JSW Steel.
“This acquisition not only aligns with our core business and purpose but also establishes our presence and accelerates our growth vision in eastern India,” he said.
For JSW Steel, the acquisition of BPSL marks its entry into the eastern region.
“You are joining us at a crucial juncture of our journey, it comes at a time when steel is required to build the post pandemic infrastructure of our nation.
“The Eastern region of our country has had a long tradition of steel making….We will bring our experience in making world-class steel and our global consumer connect to manufacture products at the BPSL facility for key projects in India and around the world,” he said.
While this is a strong business case for us, this also leads us to play an integral role in the eastern region’s sustainable development agenda, Jindal said.
“We believe in inclusive growth-for our people and communities at large, and are committed to building an environment where talent is nurtured and honed, and life, as well as livelihood opportunities, find a strong platform,” he added.