JSW Steel and JFE Steel partner to set up a 50:50 JV

3 Aug 2023 , 12:18 PM

Home-grown JSW Steel and JFE Steel Corporation of Japan have joined forces to establish a joint venture (JV) company in India to produce CRGO steel. JFE Steel Corporation (JFE) is also a JSW Steel stockholder. The Japanese Company holds a 15% stake in JSW Steel.

JSW Steel stated in a regulatory filing that it ‘has signed a joint venture agreement with JFE on August 2, 2023, to establish a joint venture company in India for the manufacture and sale of CRGO using industry-leading machinery, technical know-how, and JFE Steel’s energy-efficient production technology developed through extensive R&D.’

JSW Steel and JFE concluded a joint feasibility study and agreed to form a 50:50 joint venture company to manufacture cold rolling grain-oriented electrical steel products (CRGO) in India on May 22.

CRGO steel is a significant input in the production of transformers, which are essential in the generation, transmission, and distribution of electricity to end customers.

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