The 1st Phase of the project is expected to come on stream by FY-2014 with an installed capacity of 180,000 tonnes per annum and will be scaled upto 360000 tonnes per annum in Phase 2.
The project will be set up at a capital cost of Rs 204 crores and will be funded through 50pc equity and 50pc debt element.
Seshagiri Rao, Joint Managing Director, JSW Steel and Group Chief Financial Officer, said: "The rapid growth of the Indian steel industry offers tremendous opportunity for supply of high end processed steel. We can leverage the global sales network of expertise of Service Center Operations of MISI and the World Class Technology Products manufactured by JSW."
The joint venture company is equipped to process flat steel products such as hot rolled, cold rolled and coated products with a view to offer just in time solutions to the automotive, white goods, construction and other value added segments.
In 2011, JSW Steel and Marubeni Itochu Steel Inc. have formed a JV to set-up a Steel Processing center near Palval (Haryana), under the name of "JSW MI Steel Service Center Pvt Ltd".
JSW Steel and MISI both have a history of cooperation in areas of mutual interest which will further strengthen going forward, said the company.
--IBNS (Posted on 01-10-2013)