Overview
- JSW and JFE, which introduced the new JSW JFE Steel Ltd name on Friday in Sambalpur, formalized a 50:50 joint venture at a ceremony attended by Indian leaders and Japanese diplomats.
- The venture will upgrade the Rengali integrated steel plant from 4.5 million tonnes a year to 10 million tonnes under a Rs 32,000 crore program.
- JFE Steel will invest about Rs 15,750 crore for its 50% stake, according to officials at the launch event.
- Odisha announced a Sambalpur growth corridor spanning Rourkela, Jharsuguda, Bargarh, and Deogarh with a planned Rs 1 lakh crore in industrial investment and a potential 200,000 jobs.
- The partners said the Sambalpur facility will expand output of hot-rolled and cold-rolled steel and other value-added products for cars, construction, and capital goods, and JSW also flagged future plants in Keonjhar and Dhenkanal.