13 Feb , 2024 By : Debdeep Gupta
JSW Steel, JFE Corporation to set up electrical steel facility in India with Rs 5,500 crore investment, Japan-based JFE Corporation also holds a 15 percent share in JSW Steel.
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-based JFE Corporation also holds a 15 percent 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.
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