Indian Economy News

JSW, Japan's JFE plan to invest US$ 1 billion in specialty steel

  • IBEF
  • September 30, 2022

According to a senior official, JSW Steel and its partner JFE Steel of Japan will shortly decide whether to invest US$1 billion to set up a specialty steel manufacturing facility in India that would aid the nation in reducing its reliance on imports of the expensive alloy.

According to Mr. Seshagiri Rao, Joint Managing Director of JSW Steel, a feasibility study that the two firms ordered last year for the production of grain-oriented electrical steel in India was nearly finished, and they would be prepared to make a decision on the project by December.

The project will be carried out at the JSW Steel complex in Vijayanagar, Karnataka.

Transformers, generators, and motors with high energy efficiency are made with grain-oriented electrical steel. Under the government's Rs. 6,322 crore (US$ 773.75 million) production-linked incentive (PLI) programme, it would get the most assistance. The largest exporter of electrical steel is Japan.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.