JSW Steel has announced the establishment of a 50:50 JV with JFE Steel Corporation, Japan, for the production of grain oriented electrical steel in India.
The new company JSW Electrical Steel, to be renamed JSW JFE Electrical Steel, will have its manufacturing base in District Bellary, Karnataka and will be set up with a planned investment of Rs 5,500 crore.
The facility is targeting to commence production in the fiscal year 2027 and plans to further expand its capacity to meet the growing market demand for grain-oriented electrical steel in India.
Grain-oriented electrical steel plays a pivotal role in the production of energy-efficient transformers. Whether in laminated, wound, or punched sheet form, it serves as the essential core material for distribution transformers, power transformers, and small transformers.
This collaboration is a milestone development, as it would be the first company to have end-to end manufacturing of grain oriented electrical steel products in India. The JV company aspires to cater to the surging domestic demand for grain oriented electrical steel and contribute significantly to the country's energy infrastructure.
JSW Steel, the flagship business of the diversified JSW Group, is India's leading integrated steel company.
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The steel major reported a consolidated net profit of Rs 2,415 crore in Q3 FY24, steeply higher than Rs 490 crore recorded in Q3 FY23. Revenue from operations grew by 6.87% year on year to Rs 41,337 crore in the quarter ended 31 December 2023.
The scrip shed 0.15% to currently trade at Rs 809.15 on the BSE.
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