Global Investors’ Meet: JSW to invest more in Karnataka; wants mineral auctions

JSW Group has so far invested over Rs 1 lakh crore in Karnataka, and in the next five years, it plans to invest additional Rs 1 lakh crore

Sajjan Jindal, the billionaire chairman of the metals-to-cement conglomerate JSW Group, said it will invest Rs 1 lakh crore more in Karnataka.

“JSW Group has so far invested over Rs 1 lakh crore in Karnataka, and in the next five years, we are planning to invest additional Rs 1 lakh crore,” Jindal said on the first day of the Global Investors’ Meet in Bengaluru.

It will use the money to expand its steel plant, develop its port infrastructure and fund its expansion plans in the renewable energy sector, among other things.

Jindal also urged the state government to consider auctioning its mineral resources.

“Time is of essence as minerals like iron ore will not always be needed for the production of steel,” Jindal said. “Hence, it is imperative that these assets are monetised