JSW Steel & JFE to Build Electrical Steel Facility in India - Rs 5,500 Crore Investment
By Rediff Money Desk, NEWDELHI Feb 13, 2024 11:28
JSW Steel and JFE Steel Corporation are partnering to establish a grain oriented electrical steel manufacturing facility in India with a planned investment of Rs 5,500 crore. The facility is expected to begin production in fiscal year 2027.
![JSW Steel & JFE to Build Electrical Steel Facility in India - Rs 5,500 Crore Investment](https://im.rediff.com/money/2023/nov/30nov-core.jpg)
Photograph: ANI Photo
New Delhi, Feb 13 (PTI) JSW Steel on Tuesday announced plans to set up a grain oriented electrical steel manufacturing facility through a joint venture with JFE Steel Corporation at an estimated investment of Rs 5,500 crore.
Japan-bases JFE Corporation also holds a 15 per cent share in JSW Steel.
A groundbreaking ceremony marking the initiation of this partnership was held on February 12, JSW Steel said in a statement.
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," the statement said.
The facility is targeting to commence production in the fiscal year 2027 and the company plans to further expand its capacity to meet the growing market demand for grain-oriented electrical steel 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, it said.
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," JSW Steel said.
JSW Steel Limited is a leading integrated steel producer with a presence in India and international markets.
JFE Steel Corporation is a global firm with a strong commitment to technological innovation and sustainable practices.
Japan-bases JFE Corporation also holds a 15 per cent share in JSW Steel.
A groundbreaking ceremony marking the initiation of this partnership was held on February 12, JSW Steel said in a statement.
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," the statement said.
The facility is targeting to commence production in the fiscal year 2027 and the company plans to further expand its capacity to meet the growing market demand for grain-oriented electrical steel 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, it said.
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," JSW Steel said.
JSW Steel Limited is a leading integrated steel producer with a presence in India and international markets.
JFE Steel Corporation is a global firm with a strong commitment to technological innovation and sustainable practices.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 17.90 ( -3.35)
- 166585989
- Alstone Textiles
- 0.75 (+ 8.70)
- 47681821
- GTL Infrastructure
- 3.27 (+ 4.81)
- 44040612
- Visagar Financial
- 0.91 (+ 12.35)
- 29755394
- YES Bank Ltd.
- 23.70 (+ 0.77)
- 22163699
MORE NEWS
![Indian Economy...](https://im.rediff.com/80-80/money/2020/nov/22economy.jpg)
Indian Economy Growth: Exports, Manufacturing &...
Mumbai, June 30 (PTI) Healthy increase in the country's exports, improvement in the...
![India Launches...](https://im.rediff.com/80-80/news/2020/jul/imports-o.jpg)
India Launches Anti-Dumping Probe on Glass...
New Delhi, June 30 (PTI) India has initiated an anti-dumping probe into the import of...
![IBBI Launches...](https://im.rediff.com/80-80/money/2020/dec/16insolvency.jpg)
IBBI Launches Electronic Forms for Liquidation...
New Delhi, Jun 30 (PTI) To ease the compliance burden for insolvency professionals, and...