JSW Steel decides to double tinplates capacity to 05 mt

first_imgMumbai: To tap growing demand for tinplates primarily from the packaging industry, JSW Steel is doubling its tinplates capacity to 0.5 million at its Tarapur facility investing around Rs 420 crore. The company had last fiscal commissioned a 2.5 lakh tonne tinplates plant at the Tarapur facility at an investment of Rs 575 crore and to double the output, it will invest an additional Rs 419 crore. It however, did not offer a time-line for the expansion plan. The company attributed the rationale for capacity augumentation to the rising demand from the packaging industry, which is opting for sustainable packaging material as an alternative to single-use plastic which the government plans to eliminate by 2022. Also Read – Ensure strict implementation on ban of import of e-cigarettes: revenue to Customs”This will spawn higher demand for tinplates, and the company is plannign a second tinplate plant at Tarapur, which will double its capaciy to 0.5 million tonne,” it said Friday. Accroding to JSW Steel’s annual report, it will be investing Rs 419 crore for this. JSW Steel currently has an installed capacity of 3.5 lakh tonne tinplates, of which 1 lakh tonne is with JSW Vallabh Tinplate joint venture, and the balance 2.5 lakh tonne come from its Tarapur facility, in Maharashtra. It markets its tinplates products under the label of JSW Platina. “Our total investment in tinpaltes will be close to Rs 1,000 crore at Tarapur and this capacity expansion reflects the burgeoning opportunity for tinplates,” commercial director Jayant Acharya said.last_img read more

ExTreasury chief unelected people pushing nodeal Brexit

LONDON — The man who was Britain’s top finance official until three weeks ago has broken his silence on the new administration, saying “unelected people” are pushing the government toward a damaging no-deal Brexit that isn’t backed by Parliament or the voters.Philip Hammond, who stepped down as Treasury chief before Boris Johnson became prime minister, says the government is making demands that are bound to wreck talks with the European Union because they are unacceptable to the bloc.Writing in the Times of London on Wednesday, Hammond says: “It’s time for our government to demonstrate a commitment to a genuine negotiation with the EU to achieve a deal that will maintain Britain’s trade with its nearest neighbours, protect British jobs and ensure our future prosperity.”The Associated Press read more