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JSW Steel in Rs 5,485-crore joint ventures with Japanese firm JFE Steel
JSW Steel in Rs 5,485-crore joint ventures with Japanese firm JFE Steel

New Indian Express

time4 days ago

  • Business
  • New Indian Express

JSW Steel in Rs 5,485-crore joint ventures with Japanese firm JFE Steel

MUMBAI: With the demand for specialised electrical steel rising, JSW Steel, which is the largest producer of hot-rolled metal, has further strengthened its existing relationship with the Japanese alloy major JFE Steel Corporation. The companies have announced two more joint ventures which together will invest Rs 5,485 crore to augment the specialised electrical steel capacity to 3.5 lakh tonnes across its Vijayanagar and Nashik facilities. The investment will be made through the joint ventures JSW JFE Electrical Steel in Vijayanagar in Karnataka, and JSW JFE Electrical Steel in Nashik in Maharashtra. While the Vijayanagar facility will get Rs 1,545 crore of additional investment from JSW, the JSW Steel-JFE Steel joint venture will invest Rs 4,300 crore in the Nashik facility to ramp up specialised grain-oriented electrical steel (GOES) capacity. Both the capacity augmentations will take its installed output by 3.5 lakh tonnes per annum, the Sajjan Jindal-led company said in a regulatory filing Monday. The move comes as the nation moves faster towards energy and mobility transition, both of which deploy grain-oriented electrical steel. 'The capacity addition will be for the grain-oriented electrical steel (GOES) through their joint ventures-- JSW JFE Electrical Steel at Vijayanagar in Karnataka, and JSW JFE Electrical Steel Nashik in Maharashtra. The JV partners will expand grain-oriented electrical steel capacity to 350,000 tonne per annum and will jointly invest around Rs 5,845 crore towards this expansion,' the statement added. GOES is an important material in the production of energy-efficient transformers and large, high-performance generators. "The national green energy transformation, decarbonisation and digital infrastructure development are triggering large demand for high-grade electrical steel. Our GOES investment is a critical step in enabling import substitution, supporting the nation's energy transition goals, and delivering high-efficiency electrical steel solutions to the domestic and global markets. This investment with our long-standing partner JFE Steel reaffirms our commitment to building strategic and future-ready steel capabilities that serve both national and global priorities," the company said in the statement. JSW-JFE Electrical Steel Nashik, formerly known as Thyssenkrupp Electrical Steel India, is one of the first manufacturers of cold-rolled grain-oriented electrical steel (CRGO) in the country with a capacity of 50,000 tonnes per annum located in Nashik.

JSW Steel and JFE Steel Corporation to jointly invest Rs 5,845 cr for capacity expansion
JSW Steel and JFE Steel Corporation to jointly invest Rs 5,845 cr for capacity expansion

Business Standard

time5 days ago

  • Business
  • Business Standard

JSW Steel and JFE Steel Corporation to jointly invest Rs 5,845 cr for capacity expansion

JSW Steel in strategic collaboration with its Japanese partner JFE Steel Corporation, today announced a significant expansion of manufacturing capacity for grain-oriented electrical steel (GOES) through their joint ventures - JSW JFE Electrical Steel at Vijayanagar, Karnataka, and JSW JFE Electrical Steel Nashik, Maharashtra. The two partners will jointly invest approximately Rs 5,845 crore towards this expansion. Key Highlights of the Expansion Plan: Vijayanagar Plant (Karnataka): Capacity to be increased to 100,000 tons per annum from the earlier plan of 62,000 tons per annum. Scheduled for commissioning by FY2028. Nashik Plant (Maharashtra): Production capacity to expand five-fold to 250,000 tons per annum for phased commissioning from FY2028. Strategic Outcome: Strengthens JSW JFE's position as India's leading integrated GOES producer This capital investment along with the previously announced investments at Vijayanagar facility and the acquisition of the Nashik facility would take the overall investments to Rs 15,560 crore.

JSW Steel edges higher after inking deal to expand GOES manufacturing capacity to 3.50 lakh TPA
JSW Steel edges higher after inking deal to expand GOES manufacturing capacity to 3.50 lakh TPA

Business Standard

time5 days ago

  • Business
  • Business Standard

JSW Steel edges higher after inking deal to expand GOES manufacturing capacity to 3.50 lakh TPA

JSW Steel added 1.34% to Rs 1040.85 after the company announced a strategic collaboration with its Japanese partner JFE Steel Corporation for expanding the manufacturing capacity for grain-oriented electrical steel (GOES) to 350,000 tons per annum. The manufacturing pact would be executed through their joint venture (JV) entities, viz. JSW JFE Electrical Steel at Vijayanagar, Karnataka, and JSW JFE Electrical Steel Nashik, Maharashtra. The capacity of the Karnataka plant would be increased to 100,000 tons per annum (TPA) from the earlier plan of 62,000 tons per annum. It is scheduled for commissioning by FY2028. The production capacity of the Maharashtra-based plant would be expanded five-fold to 250,000 tons per annum and it is for phased commissioning from FY2028. The two partners will jointly invest approximately Rs 5,845 crore towards this expansion. This capital investment along with the previously announced investments at Vijayanagar facility and the acquisition of the Nashik facility would take the overall investments to Rs 15,560 crore. JSW Steel stated that this expansion aims to address the rapidly growing domestic demand for high-efficiency electrical steel, especially in the renewable energy, energy transition for decarbonization, e-mobility, AI data center, etc. Jayant Acharya, joint managing director & CEO, JSW Steel, said: Indias green energy transformation, decarbonization and digital infrastructure development are triggering large demand for high-grade electrical steel. Our GOES investment is a critical step in enabling import substitution, supporting Indias energy transition goals, and delivering high-efficiency electrical steel solutions to the domestic and global markets." JSW Steel is the flagship business of the diversified, US$ 23 billion JSW Group. As one of Indias leading business houses, JSW Group also has interests in energy, infrastructure, cement, paints, realty, e-platforms, mobility, defence, sports, and venture capital. The company reported a 158.46% year-on-year (YoY) increase in consolidated net profit to Rs 2,209 crore for the quarter ended 30 June 2025, compared to Rs 867 crore in the corresponding period last year. Revenue from operation rose 0.47% year on year to Rs 43,147 crore in the quarter ended 30 June 2025.

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