Jindal Steel & Power Ltd will invest about Rs10,000 crore (approx $1.9 billion) in steel plant capacity expansion and for setting up thermal power plants in Chhattisgarh and Jharkhand, Sushil Maroo, group chief financial officer, said on a conference call.
Besides expanding capacity at its 4.5 tonner per annum steel plant at Raigarh in Chhattisgarh, Jindal is also setting up power plants with a capacity of 4,200 mega Watts in the state. Jindal will also add capacity in neighbouring Odisha and Jharkhand states besides setting up a 4,200 mega Watts power plant in Jharkhand.
Jindal Steel & Power Ltd also today reported a net profit of Rs783.63 crore for the quarter ended 31 March 2012. Total income of the company for the quarter stood at Rs4,315.18 crore.
Consolidated group net profit (after taxes, minority interest and share of associates) for the quarter ended 31 March 2012 stood at Rs1,167.01 crore. Total income for the quarter ended 31 March 2012 stood at Rs5,529.29 crore.
For the year ended 31 March 2012, the company posted a net profit of Rs2,110.65 crore, compared to Rs2,064.12 crore for the year ended 31 March2011.
Jindal Steels' total income during the year ended March 31, 2012 increased to Rs13,518.43 crore from Rs9,717.34 crore during the year ended 31 March 2011.