JSW Steel today announced that it has signed a Memorandum of Understanding to conduct a Feasibility Study with JFE Steel Corporation, a Strategic Alliance Partner, to establish a Grain Oriented Electrical Steel Sheet Manufacturing and Sales Joint-Venture Company in India. The plan is to complete the study within the current 2021 fiscal year and take appropriate steps to set up this JV company subject to requisite approvals.
JSW Steel and JFE Steel continue to deepen their alliance since they signed a comprehensive Strategic Collaboration Agreement in 2009, under which JFE Steel took an equity stake in JSW Steel, and has provided Technical Co-operation with regard to Automotive Steel Products. In the year 2012, JSW and JFE entered into an Agreement where JFE has provided technology for the production of non-oriented electrical steel sheets, which has enabled JSW to become India's leading supplier in this field.
Seshagiri Rao, Joint MD, JSW Steel & Group CFO said, "This feasibility study for a JV with JFE Steel for manufacturing Grain Oriented Electrical Steel Sheet in India will strengthen our position as India's leading manufacturer of advanced steel products that lead to reduced CO2 emissions and a more sustainable world. Our partnership with JFE Steel since 2009 has provided us access to cutting-edge technologies and world-class technical expertise to enhance our operational excellence."
In view of the steadily increasing demand for electric power, the growing adoption of renewable energy and the electrification of automobiles, continued growth is forecasted in India and globally for grain-oriented electrical steel sheet primarily used in transformers.
Shares of JSW STEEL LTD. was last trading in BSE at Rs.729.5 as compared to the previous close of Rs. 717.5. The total number of shares traded during the day was 695510 in over 10939 trades.
The stock hit an intraday high of Rs. 742.2 and intraday low of 718.05. The net turnover during the day was Rs. 507668389.