JSW Steel and a Japanese company partner to develop a kind of steel in India.
business-standard.com
India
14-02-2024
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On Tuesday, JSW Steel announced the formation of a 50:50 joint venture (JV) with JFE Steel Corporation Japan to produce a type of steel in India that is utilized in the manufacturing of transformers that are energy-efficient.
Bellary, Karnataka, will serve as the home base for JSW JFE Electrical Steel Private Limited's production operations. An estimated Rs 5,500 crore would be invested in its establishment. According to a statement from JSW, the JV will satisfy the "surging domestic demand" for grain-oriented electrical steel.
On February 12, a groundbreaking ceremony was held to commemorate the cooperation. Both firms' executive teams were present during the function.
In order to address the increasing market demand for grain-oriented electrical steel in India, the plant intends to further expand its capacity and start production in the fiscal year 2027.