The port, to be constructed by JSW group company JSW Infrastructure and Logistics Ltd, will be located at the mouth of river Subernarekha in Orissa’s Bhadrak district.
JSW Steel would start construction of its Salboni project this November, Jindal said.
The plant, expected to be completed by 2011-12, would have an initial capacity of three million tonnes a year. This would be later enhanced to 10 million tonnes.
The plant would also have a 300 megawatt power unit.
“In the first phase we are investing Rs.98 billion with a debt equity ratio of 2:1,” Jindal said.
JSW Steel has expressed interest in acquiring United Coal Company of the US, a privately held mining firm with a reserve of 500 million tonnes of coal, he said.
“We are confident of acquiring the company and we have already submitted our bids,” Jindal said.
JSW Steel is also eyeing coal and iron ore assets in South America, Australia and South Africa.