Following is an excerpt from a report in Business Standard.

The bulk of this investment will be made in the phase-II development of its stainless steel plant in Jajpur, Orissa.

"We will spend about Rs 5,600 crore for setting up capacity of 8 lakh tonnes (0.8 million tonnes) per annum of steel in Jajpur. The plant will be commissioned by 2012," Vice-Chairman and Managing Director Ratan Jindal told journalists.

The company will borrow Rs 3,200 crore from Indian and foreign banks for the project, while Rs 1,000 crore would be raised through external commercial borrowings. Another Rs 1,200 crore would be invested through internal accruals. "The promoters will infuse equity of the balance amount of Rs 200 crore," Jindal said.

The company has already spent Rs 2,250 crore for 0.8 million tonnes capacity in phase-I at Jajpur.