JSW Steel Ltd to form 50:50 JV with JFE Steel Corporation, Japan for the production of Grain Oriented Electrical Steel in India

JSW Steel Limited 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 5,500/- crores.

A groundbreaking ceremony marking the initiation of this significant partnership was held on 12th February 2024. 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.

This collaboration is a milestone development, as it would be the first company to have end-toend 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.

The Leadership Teams of both Companies viz Mr. Kitano, President & CEO of JFE Steel; Mr. Ogawa, Executive Vice President of JFE Steel; Mr. Sajjan Jindal, Chairman & Managing Director of JSW Steel; and Mr. Jayant Acharya, Joint Managing Director & CEO of JSW Steel and other Senior executives attended the event.

Shares of JSW Steel Limited was last trading in BSE at Rs. 810.40 as compared to the previous close of Rs. 811.90. The total number of shares traded during the day was 48665 in over 3135 trades.

The stock hit an intraday high of Rs. 819.15 and intraday low of 803.00. The net turnover during the day was Rs. 39456090.00.

Source : Equity Bulls

Keywords

JSWSteel INE019A01038 JV JFESteelCorporation GrainOriented ElectricalSteel