Amidst the global credit crisis and despite the Tata pullout from Singur, JSW Steel [Get Quote] laid the foundation for a Rs 35,000 crore (Rs 350 billion), 10 million tonne steel project in West Bengal on November 2.

Contrary to Singur, the project at Salboni was welcomed by people and political parties alike, manifested by festoons welcoming Sajjan Jindal from all parties along the road leading to the project site. Jindal complemented the mood at the ceremony with his farmer-friendly speech.

"Industry and agriculture go hand-in-hand. My father, O P Jindal, was a farmer and he told all his sons that no wrong must be done to farmers," said Jindal, addressing the 35,000-strong gathering.

He assured the gathering that locals would be employed at the plant and there was no plan to get people from outside the state, which he had announced earlier as part of the rehabilitation package.

JSW Bengal Steel has designed and implemented a unique compensation package based on the principle of inclusive growth. Besides permanent employment and cash compensation, equity shares equivalent to the cash component in JSW Bengal would be given free of cost. Jindal said that the plant would create direct employment for 20,000 people.

The project would be executed in three phases. The first phase would have a pellet plant, coal mine, iron ore benefication plant and in the second phase steel-making capacity of three million tonnes would be executed, which would go onstream by 2012.