JSW Steel and JFE Steel to Form Joint Venture for Odisha Plant Expansion
JSW Steel to sign JV with JFE Steel for Odisha plant expansion on April 24
Business StandardImage: Business Standard
JSW Steel, led by Sajjan Jindal, will sign a joint venture with Japan's JFE Steel Corporation on April 24 for a ₹32,000 crore expansion of Bhushan Power and Steel Ltd in Sambalpur district, Odisha. This partnership aims to increase the plant's capacity from 4.5 million tonnes per annum (mtpa) to over 10 mtpa.
- 01JSW Steel is partnering with JFE Steel for a significant expansion in Odisha.
- 02The joint venture will involve an investment of approximately ₹32,000 crore.
- 03The expansion aims to boost steel production capacity to over 10 mtpa.
- 04The partnership combines JSW's resources with JFE's technological expertise.
- 05This venture is expected to enhance employment and local industry in western Odisha.
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JSW Steel is set to deepen its global partnerships by signing a 50:50 joint venture with Japan's JFE Steel Corporation on April 24 for the expansion of Bhushan Power and Steel Ltd (BPSL) in Sambalpur district, Odisha. The joint venture, named JSW JFE Steel Ltd, will involve an investment of around ₹32,000 crore and aims to increase the plant's capacity from approximately 4.5 million tonnes per annum (mtpa) to over 10 mtpa. The agreement will be signed during the 'Forging Ahead' event, attended by notable figures including Chief Minister Mohan Charan Majhi and JFE Steel's CEO Masayuki Hirose. This collaboration is expected to leverage JSW's scale and raw material access alongside JFE's advanced steelmaking technology. Additionally, the expansion is anticipated to create employment opportunities and stimulate ancillary industries in western Odisha. Since acquiring BPSL in 2019, JSW has successfully revived its operations, increasing production significantly. The new venture is part of JSW's broader investment strategy in Odisha, which includes various steel and renewable energy projects.
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The joint venture is expected to create job opportunities and boost local industries in western Odisha, enhancing the economic landscape of the region.
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