India's steel giant invests billions in new steelmaking capacity
JSW Steel, India's largest steel producer by production capacity, plans to spend up to 240 billion rupees ($2.5 billion) during 2027 as the country's massive infrastructure development drives steel demand and steel plant expansion.
This is reported by Bloomberg.
This is an increase of about 50% compared to capital expenditures for the fiscal year that ended in March 2026, according to the report.
The Mumbai-based company plans to increase production capacity to 48.8 million tons of steel per year by 2030, up from the current 31.9 million tons.
India is actively investing in infrastructure as Prime Minister Narendra Modi's government ramps up spending to accelerate the modernization of its transportation and logistics network.
The country has spent billions of dollars building highways, ports and airports in an effort to support economic growth in the world's most populous country and achieve the goal of becoming a developed economy by 2047.
Over the last quarter, the company demonstrated revenue growth of 14.2% and improved profitability to 16.87% due to price recovery and protective duties against Chinese imports.