Can spend Rs 6.5K-cr for acquisition, expansion: JSW Steel

Sajjan Jindal-led JSW Steel today said it is "capable" of spending up to USD one billion (around Rs 6,500 crore) per annum on both capacity expansion and acquisitions.

The company is also planning to bid for iron ore and coking coal mines in the upcoming auctions, JSW Steel Joint MD and Group CFO Seshagiri Rao said.

"We are capable of spending up to USD one billion per annum without increasing debt on capacity expansion and acquisitions," Rao said.

The company would participate in the auctions of two iron ore mines in Odisha, he said adding that JSW Steel would also bid for coking coal mines in Jharkhand.

When asked if the company will bid for all the five coking coal mines in the eastern state, he said, "We are evaluating.

Once the details are out, we will take a call." The company every year imports around 8 million tonnes of coking coal, he said adding, "at present we are buying everything (raw material) today".

JSW Steel, flagship firm of the USD 11 billion JSW Group, has plants spread across six locations in Karnataka, Maharashtra and Tamil Nadu.

The firm also has an objective of achieving a capacity of 40 MTPA in the next decade.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)