JSW Steel’s Chairman and Managing Director (CMD) Sajjan Jindal has said that the company will likely invest over Rs 48,000 crore in the next three years as part of its Capex (capital expenditure) plan. Of this figure, Rs 20,000 crore will be spent in the 2022-23 financial year.

The company also seeks to amalgamate JSW Ispat Special Products with it by the end of the ongoing fiscal. The composite scheme of amalgamation between JSW Ispat Special Products Limited (Monnet Ispat) and JSW Steel is expected to be completed during the ongoing financial year.

Earlier in 2018, a joint consortium of JSW Steel Limited and AION Investments Private II Ltd (AION) acquired a controlling stake in JSW Ispat Special Products Limited (formerly Monnet Ispat & Energy Limited). Notably, the consortium was the only bidder for the 1.5-million-tonne asset in Chhattisgarh.

The National Company Law Tribunal (NCLT) gave the nod to acquire the bankrupt Monnet Ispat & Energy for a Rs 2,875-crore bid. The company owed over Rs 11,000 crore to lenders.

JSW Steel has reported that the 5 MTPA (million tonne per annum) brownfield expansion at Vijayanagar is going well, with civil works underway at the site. The project is expected to be completed by the end of FY2024. Also, the remaining downstream projects at Vasind and Tarapur are expected to be completed in the second quarter of FY23.