JSW Steel on Tuesday announced establishing a 50:50 joint venture (JV) with JFE Steel Corporation Japan for producing in India a kind of steel used in the production of energy-efficient transformers.
The new company, JSW JFE Electrical Steel Private Limited, will have its manufacturing base in Bellary, Karnataka. It will be set up with a planned investment of Rs 5,500 crore. The JV will meet the “surging domestic demand” for grain-oriented electrical steel, said JSW in a statement.
A ground-breaking ceremony marking the partnership was held on February 12. The leadership teams of both companies attended the event.
The facility is targeting to commence production in the fiscal year 2027 and plans to further expand its capacity to meet the growing market demand for grain-oriented electrical steel in India.
First Published: Feb 13 2024 | 12:47 PM IST