JSW Steel Ltd said on Monday it would invest up to $500 million (Rs. 3,245 crore at $1 = Rs.64.90) to expand its operations in Texas as part of a Memorandum of Cooperation between its U.S. unit and the Texas Governor’s office.
As part of the memorandum, the governor has also approved a grant worth $3.4 million from the Texas Enterprise Fund to JSW Steel (USA) Inc, the steelmaker said in a statement.
The capex plan, which will be completed by March 2020, includes setting up a melt manufacture contiguous plate and pipe facility in Texas, JSW said.
The investment comes at a time of rising concerns about an escalating trade war between the United States and other countries over tariffs.
India’s Trade Minister Suresh Prabhu said last week the country will bilaterally discuss import curbs on steel with the United States after U.S. President Donald Trump had pressed ahead with import tariffs on steel and aluminium products. ndtv