JSW Steel on Friday said it has earmarked an investment of Rs 15,000 crore for a five million tonne integrated steel facility at Ballari in Karnataka.

Union steel minister Ram Chandra Prasad Singh on Friday laid the foundation stone for the new project at JSW Steel Vijayanagar Works in the presence of JSW Steel chairman Sajjan Jindal along with other government and company officials.

The brown-field expansion project is being undertaken through JSW Vijayanagar Metallics Ltd, a wholly owned subsidiary of JSW Steel Ltd.

JSW Steel said in a statement that the expansion is expected to be completed by 2023-24. It added that the environmental clearance for the project has been received from the ministry of environment, forests and climate change.

As part of the 18 million tonne roadmap for the Vijayanagar Works Steel Facility, JSW Steel aims to achieve an additional one million tonne expansion through upgradation of the current facility to achieve 13 million tonne capacity within the next 12 months.

Speaking on the occasion, Singh said the expansion projects would also help in augmenting the availability of world-class steel. “This expansion reiterates our commitment to be a significant partner in building a stronger India through sustainable means. The new five million tonne project at Vijayanagar is aligned to our sustainability goals and focuses on a circular economy by optimising our water, waste, and carbon and energy footprint. We will efficiently execute this brownfield expansion by leveraging our strong project capabilities and track record’’, Sajjan Jindal said.

The announcement led to shares of JSW Steel ending at Rs 3854.85-a gain of 1.26 per cent or Rs 48 over the last close.