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Business Recorder
5 days ago
- Business
- Business Recorder
India's JSW Steel, Japan's JFE to invest $669 million to boost electrical steel output
A joint venture between India's JSW Steel and Japan's JFE Steel will invest 58.45 billion rupees ($669 million) to expand production capacity of cold rolled grain-oriented electrical steel across two Indian plants to meet growing domestic demand, JSW Steel said on Monday. JSW and JFE will equally fund a combined 19.66 billion rupees for the expansion through equity, JSW Steel said. The added capacity will be commissioned in phases from fiscal year 2028. The company did the specify the source of rest of the funds. Cold rolled grain-oriented electrical steel is mainly used in energy applications, and is considered to be more energy efficient, reducing carbon emissions. JSW JFE Electrical Steel will raise production of the steel at its Nashik plant to 250,000 tons per annum from the current 50,000 TPA, for which the two companies plan to invest 43 billion rupees. India's top court to revisit order scrapping JSW Steel's $2.3 billion Bhushan Power deal The companies will invest the remaining 15.45 billion rupees to augment capacity of an upcoming facility in Vijayanagar to 100,000 TPA from an originally planned 62,000 TPA, JSW Steel said in an exchange filing. JSW JFE's Nashik plant was bought in January from Germany's Thyssenkrupp in a 41.59 billion rupee deal.
Time of India
5 days ago
- Business
- Time of India
JSW Steel, Japan's JFE to invest $669 million to boost electrical steel output
Advt A joint venture between India's JSW Steel and Japan's JFE Steel will invest ₹5,845 crore to expand production capacity of cold rolled grain-oriented electrical steel across two Indian plants to meet growing domestic demand, JSW Steel said on and JFE will equally fund a combined ₹1,966 crore for the expansion through equity, JSW Steel said. The added capacity will be commissioned in phases from fiscal year 2028. The company did the specify the source of rest of the rolled grain-oriented electrical steel is mainly used in energy applications, and is considered to be more energy efficient, reducing carbon JFE Electrical Steel will raise production of the steel at its Nashik plant to 250,000 tons per annum from the current 50,000 TPA, for which the two companies plan to invest ₹4,300 companies will invest the remaining 15.45 billion rupees to augment capacity of an upcoming facility in Vijayanagar to 100,000 TPA from an originally planned 62,000 TPA, JSW Steel said in an exchange JFE's Nashik plant was bought in January from Germany's Thyssenkrupp in a ₹4,159 crore deal.
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Business Standard
5 days ago
- Business
- Business Standard
JSW, Japan's JFE to invest ₹5,845 cr in India to scale up steel production
JSW and Japan's JFE Steel to jointly invest ₹5,845 crore to boost cold rolled grain-oriented steel output in Nashik and Vijayanagar amid rising demand for energy-efficient materials JSW Steel and Japan's JFE Steel plan to invest ₹5,845 crore (around $669 million) to scale up production of cold rolled grain-oriented (CRGO) electrical steel at two of their Indian plants, news agency Reuters reported. This move is aimed at meeting rising domestic demand for energy-efficient steel used mainly in transformers and other power applications. Plant-wise expansion plans •Nashik plant: JSW-JFE Steel will raise production at its Nashik facility from 50,000 tonnes per annum (TPA) to 250,000 TPA. This will involve an investment of ₹4,300 crore. •Vijayanagar plant: Another ₹1,545 crore will be spent to boost capacity at the upcoming Vijayanagar facility from 62,000 TPA to 100,000 TPA. •Funding structure: Why it matters: Green steel for cleaner energy CRGO electrical steel is known for its high energy efficiency, which reduces transmission losses and carbon emissions. The increased domestic capacity could reduce India's reliance on imports for this critical material used in the power sector. The new capacity will be added in phases, starting from FY28. Nashik unit bought from Thyssenkrupp Earlier this year, JSW JFE had acquired the Nashik plant from Germany's Thyssenkrupp in a ₹4,159 crore deal. The plant forms the backbone of the joint venture's expansion strategy. SC withdraws Bhushan Power liquidation order In a major relief to JSW Steel, the Supreme Court last week withdrew its May 2 ruling that had declared JSW's resolution plan for Bhushan Power and Steel Ltd (BPSL) 'illegal' and ordered liquidation. A Bench headed by Chief Justice BR Gavai has now agreed to review the ruling and will hear arguments on August 7. JSW Energy's subsidiary, JSW Neo Energy, has signed a 25-year Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI), news agency PTI reported. •The agreement is for 230 MW of firm and dispatchable renewable energy (FDRE) under SECI's Tranche IV scheme. •The tariff has been fixed at ₹4.98 per kWh. This is the company's first FDRE PPA, and strengthens its total locked-in capacity to 30.2 GW, including 12.9 GW under construction. JSW aims to reach 30 GW installed capacity and 40 GWh energy storage by 2030.
The Hindu
5 days ago
- Business
- The Hindu
JSW Steel, Japan's JFE to invest ₹58 billion to boost electrical steel output
A joint venture between JSW Steel and Japan's JFE Steel will invest ₹58.45 billion to expand production capacity of cold rolled grain-oriented electrical steel across two Indian plants to meet growing domestic demand, JSW Steel said on Monday (August 4, 2025). JSW and JFE will equally fund a combined ₹19.66 billion for the expansion through equity, JSW Steel said. The added capacity will be commissioned in phases from fiscal year 2028. The company did the specify the source of rest of the funds. Cold rolled grain-oriented electrical steel is mainly used in energy applications, and is considered to be more energy efficient, reducing carbon emissions. JSW JFE Electrical Steel will raise production of the steel at its Nashik plant to 2,50,000 tons per annum from the current 50,000 TPA, for which the two companies plan to invest ₹43 billion. The companies will invest the remaining ₹15.45 billion to augment capacity of an upcoming facility in Vijayanagar to 1,00,000 TPA from an originally planned 62,000 TPA, JSW Steel said in an exchange filing. JSW JFE's Nashik plant was bought in January from Germany's Thyssenkrupp in a ₹41.59-billion deal.
Time of India
5 days ago
- Business
- Time of India
JSW Steel, Japan's JFE to invest $669 million to boost cold rolled grain-oriented electrical steel output
Synopsis JSW Steel and Japan's JFE Steel will invest 58.45 billion rupees ($669 million) to expand production capacity of cold rolled grain-oriented electrical steel across two Indian plants to 350,000 tons per annum, JSW Steel said on Monday.
