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JSW Steel and JFE Steel to invest $ 663 million in India JV
2024-02-14
JSW Steel announced that a total investment of Rs 55 billion would be made by JSW Steel and Japan's JFE Steel in an Indian joint venture focused on the production of grain-oriented electrical steel.
It was conveyed by JSW that grain-oriented electrical steel serves as a crucial component in the manufacturing of various transformers, including distribution transformers, power transformers, and small transformers.
The joint venture, formalised in August 2023, involves the establishment of a manufacturing plant in the southern Indian state of Karnataka. The commencement of production is anticipated in fiscal 2027.
JSW outlined its intentions to enhance the facility's capacity to address the rising demand for grain-oriented electrical steel in India.
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