JSW Steel has revealed plans to establish a 50:50 joint venture with Japan-based JFE Steel Corporation to set up a ₹5,500 crore plant in Karnataka.
What Happened: The newly formed entity, JSW JFE Electrical Steel, will be headquartered in Bellary, Karnataka, with production expected to commence in FY27, according to a stock exchange filing.
The company aims to start production by fiscal 2027 and expand its capacity to meet the increasing demand for grain-oriented electrical steel in India.
Grain-oriented electrical steel serves as a critical material for distribution transformers, power transformers, and small transformers.
Supported By Strong Financials: JSW Steel’s Q3 performance was robust, with the company seeing a surge in consolidated net profit, which reached ₹2,450 crore in the December quarter, driven by strong domestic demand—a five-fold increase compared to the net profit of ₹474 crore reported in the corresponding period of the previous year. Quarterly income also experienced growth, rising to ₹42,134 crore from ₹39,322 crore year-on-year.
JSW Steel serves as the flagship business entity within the diversified JSW Group, valued at $23 billion (1.91 lakh crore). The conglomerate operates across various sectors, including energy, infrastructure, cement, paints, sports, and venture capital.
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