 "JSW Group, Korea's Posco partner to develop integrated steel plant in India")
The JSW Group has signed a memorandum of understanding (MoU) with South Korea’s Posco Group to establish an integrated steel plant in India, the company said in an exchange filing on Tuesday. This new integrated steel plant will begin with a production capacity of five million tonnes per annum (MTPA), and will focus on developing sustainable energy solutions. This move also aligns with India's broader aim to strengthen its steel and renewable energy industries.
The MoU was signed at JSW’s headquarters in Mumbai, with both JSW Chairman Sajjan Jindal and Posco Chairman Chang In-hwa present.
With the rapid pace at which the Indian economy is growing, the country’s steel demand is expected to outpace the country’s Gross Domestic Product, the company said. The JSW Group believes that this high demand presents significant opportunities for the steel industry. Here, the JSW-Posco collaboration aims to make a substantial impact by harnessing JSW's manufacturing expertise and Posco’s advanced technology.
“This MoU with POSCO marks a significant step forward in our journey to contribute to the Indian steel industry,” said Sajjan Jindal. He added that the partnership not only reinforces JSW's commitment to sustainable growth but also positions India as a leading player in advanced manufacturing and green energy initiatives.
Posco Chairman Chang In-hwa echoed this sentiment, saying, "This collaboration will contribute significantly to the economic development of Korea and India and drive our joint efforts towards a more eco-friendly and sustainable future."
JSW Group, Posco to explore JVs in EV sector
Beyond steel production, the partnership will also explore joint ventures (JVs) in battery materials and renewable energy, especially targeting the electric vehicle (EV) sector and meeting the steel plant’s energy requirements. This development comes after JSW Group announced significant investments in Odisha, with plans for a green steel plant in Jagatsinghpur in February this year. This plant is expected to generate approximately 30,000 direct and indirect jobs.
The Odisha government also partnered with JSW to set up an integrated electric vehicle and battery manufacturing complex in Cuttack and Paradip, with a projected investment of Rs 40,000 crore and potential to create over 11,000 jobs. The Jagatsinghpur area had earlier been earmarked for Posco, but abandoned after land acquisition protests emerged.