TNI Bureau: JSW Steel and Japan-based JFE Steel Corporation formally marked the launch of their joint venture, JSW JFE Steel Limited, with a grand commemoration ceremony titled “Forging Ahead” held at Thelkoloi in Sambalpur district of Odisha.
The event was attended by Odisha Chief Minister Mohan Charan Majhi, Union Education Minister Dharmendra Pradhan, JSW Group Chairman and Managing Director Sajjan Jindal, and JFE Steel President Masayuki Hirose, along with senior officials from both companies.
The joint venture, officially incorporated on March 30, is a 50:50 partnership between JSW Steel and JFE Steel. It is centered around the integrated steel plant of Bhushan Power & Steel Limited (BPSL) in Sambalpur, which JSW Steel had acquired in 2021.
Currently, the plant has an annual steel production capacity of around 4.5 million tonnes. Under the new partnership, both companies plan to invest nearly ₹32,000 crore to expand production capacity by an additional 6 million tonnes, taking the total output to over 10 million tonnes per year.
JFE Steel has committed around ₹15,750 crore for its 50 percent stake, with nearly half of the investment already completed.
The plant manufactures hot-rolled and cold-rolled steel, bars, wire rods, and pipes. Through this collaboration, the companies aim to combine JFE’s advanced steel-making technology with JSW’s operational strength to improve efficiency and scale.
The venture strengthens Odisha’s position as a major industrial and steel manufacturing hub while also boosting employment and regional economic growth.
