India’s JSW Steel (JSTL.NS) said on Monday it was investing some $20 million to set up a steel plant in Jammu and Kashmir – the second major spending announcement in as many weeks, as the Indian government pushes for development in the disputed region.
It follows India’s announcement last week that Dubai had struck an accord to build a hospital, IT parks, and other infrastructure in Kashmir.
Investments are fraught with risks in the region, where in recent weeks a spate of militant attacks on civilians and a widespread crackdown by security forces have left several people dead.
A precursor to the investments was India’s amendment last year to Kashmir’s land laws, which followed revoking the region’s autonomy in 2019 to bring it under the direct rule of New Delhi, triggering massive protests and opposition from locals.
JSW Steel said its 1.50 billion rupees ($20.01 million) steel plant would be set up in southern Kashmir’s Pulwama, and that Indian Home Minister had given land allocation papers to JSW Steel Chairman Sajjan Jindal on Monday.