Saturday, Apr 20 2024 | Time 16:49 Hrs(IST)
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Business Economy


JSW Steel announces 50:50 JV with JFE Steel Corporation Japan

Mumbai, Feb 13 (UNI) JSW Steel announced the establishment of a 50:50 JV with JFE Steel Corporation, Japan, for the production of grain-oriented electrical steel in India.
The new company, JSW Electrical Steel Private Limited, to be renamed JSW JFE Electrical Steel Private Limited, will have its manufacturing base in District Bellary, Karnataka, and will be set up with a planned investment of Rs 5500 crore.
A groundbreaking ceremony marking the initiation of this significant partnership was held on February 12, 2024. The facility is targeting 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.
This collaboration is a milestone development, as it would be the first company to have end-to-end manufacturing of grain-oriented electrical steel products in India. The JV Company aspires to cater to the surging domestic demand for grain-oriented electrical steel and contribute significantly to the country's energy infrastructure.
Grain-oriented electrical steel plays a pivotal role in the production of energy-efficient transformers. Whether in laminated, wound, or punched sheet form, it serves as the essential core material for distribution transformers, power transformers, and small transformers.
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