NEW DELHI, April 6 India's JSW Steel Ltd
could spend around $1 billion on capacity addition and
acquisition this fiscal year and will bid for several iron ore
and coking coal mines in upcoming government auctions to secure
raw material supplies, a top company executive told Reuters.
Unlike its nearest rivals Steel Authority of India Ltd
and Tata Steel Ltd, JSW does not own any
iron ore mines and is forced to import the raw material from
time to time. It also buys millions of tonnes of coking coal
from countries such as Australia, Canada and the United States.
"Without increasing my debt, I will be able to spend 6,000
to 7,000 crore rupees ($923.72 million-$1.08 billion) in
creating capacity or making acquisition," JSW Steel Joint
Managing Director Seshagiri Rao said on Thursday.
"That's the strength of my balance sheet."
(Reporting by Krishna N. Das; Editing by Subhranshu Sahu)