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JSW Steel to cut capex target to Rs 9,000 cr for FY21

Monday, 13 Jul 2020
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JSW Steel has decided to reduce its capex target for FY21 by about 45 percent to Rs 9,000 crore against its earlier plan of spending Rs 16,340 crore.

At Rs 9,000 crore, the capex target is about 12 percent lower compared to the company's Rs 10,200 crore spend during FY20.

The objective is to conserve liquidity, ensure that strategic projects which are in advanced stages of completion are commissioned on priority basis.

Due to the lockdown and its subsequent extensions, project activities at various sites were severely constrained by non-availability of required manpower and material.

JSW Steel intends to recalibrate its capex plan for FY21. It now plans to spend Rs 8,200 crore on project capex and another Rs 800 crore to operationalise seven mines acquired through auctions in Karnataka and Odisha.

The investment will be made to develop infrastructure facilities and optimise logistics cost of transporting iron ore from mines to steel manufacturing units. This will significantly strengthen the company's ability to preserve margins.

JSW Steel said Dolvi Works is expanding the capacity by five million tpa to 10 million tpa along with a captive power plant and coke oven plant.

The company is also expecting to commission an eight million tpa pellet plant and wire rod mill at its Vijaynagar facility in Karnataka by mid FY21.

The downstream modernisation and capacity enhancement projects in Vasind and Tarapur and colour coating plant at Kalmeshwar in Maharashtra are expected to be commissioned in H2/FY21.


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