JFE Steel Corporation (JFE) and JSW Steel Limited (JSW) have signed an agreement to establish a 50:50 joint venture (JV) by transferring the integrated steel facility of Bhushan Power & Steel Limited (BPSL) in Odisha, India. JFE will invest INR 157.5 billion (approximately JPY 270 billion) in the JV.
BPSL owns an iron ore mine and an integrated steelworks in eastern India, with a current crude steel production capacity of 4.5 million tons per year. The JV plans to expand this capacity to 10 million tons by 2030, with the potential to further increase to 15 million tons, making it one of India’s largest integrated steel facilities.
By leveraging JFE’s technological expertise and JSW’s operational excellence, the JV aims to quickly meet growing steel demand in India, enhance profitability, expand high value-added product offerings, and improve overall productivity.