Infrastructure
JSW Steel, Japan's JFE To Establish Rs 5,500 Crore Electrical Steel Facility In Karnataka
Amit Mishra
Feb 14, 2024, 11:52 AM | Updated 12:00 PM IST
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Sajjan Jindal-led JSW Steel has formed a joint venture with JFE Steel Corporation to set up a grain-oriented electrical steel manufacturing facility in Karnataka with an estimated investment of Rs 5,500 crore.
The new company, JSW JFE Electrical Steel Private Limited, will have equal equity ownership from both partners, with its manufacturing base in the Bellary district of Karnataka. It is noteworthy that Japan-based JFE Corporation also holds a 15 per cent stake in JSW Steel.
A groundbreaking ceremony marking the initiation of this significant partnership was held on 12 February 2024.
Electrical steel sheet is a functional material manufactured by modifying the magnetic properties of steel for efficient magnetism and electricity conversion.
Grain-oriented electrical steel is an essential core material for distribution transformers, power transformers, and small transformers.
The facility aims 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.
A significant milestone, this new collaboration would be the first company to have end-to-end manufacturing of grain-oriented electrical steel products in India.
The joint venture endeavours to address the surging domestic appetite for grain-oriented electrical steel and make a substantial contribution to bolstering the nation's energy infrastructure.
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