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Informist, Tuesday, Jan. 27, 2026

 

--Jayaswal Neco, Maharashtra govt signs MoU to set up steel plant in state 

--Jayaswal Neco to invest INR 122.6 bln to set up steel plant in Maharashtra 

 

MUMBAI – Jayaswal Neco Industries Ltd. Tuesday said it has entered into a memorandum of understanding to set up a 2 million-tonnes-per-annum integrated steel plant in Gadchiroli, Maharashtra, with an investment of INR 122.62 billion. The company informed the bourses that it signed the memorandum of understanding with the Maharashtra government Thursday at Davos in Switzerland. The company said the project is likely to generate direct employment for 26,000 workers.

 

Regarding the delay in Jayaswal Neco's submission about the deal to the exchanges, the company said it "could not submit the original disclosure dated 24th Jan., 2026 within the prescribed timeline due to collation of complete information relating to the terms of Memorandum of Understanding signed at Davos, Switzerland. The process was further delayed due to the difference in time zones between India and Switzerland."

 

Jayaswal Neco Industries reported a net profit of INR 740.9 million for the December quarter on a revenue of INR 17.27 billion. Tuesday, shares of the company closed 0.5% higher at INR 71.94 on the National Stock Exchange.  End

 

Reported by P. Madhu Kumar

Edited by Rajeev Pai

 

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