JSW Steel’s Rs26,800 crore capacity expansion plan over the next four years (2018-21), though seen as growth investments by analysts, is likely to stall the company’s deleveraging programme for the next three to four years. JSW Steel plans to spend Rs15,000 crore as debt and Rs12,000 crore as internal accruals to double the plant capacity at Dolvi to 10 million tonne from 5 million tonne by March 2020; upgrade blast furnace (BF-3) to 4.5 million tonne and closure of BF-2 at Vijaynagar in next 20 months, expand the cold roll mill at Vijayanagar to 1.8 million tonne from 0.85 million tonne, modernise the Vasind-Tarapur plant, apart from mining and sustenance capex.