Business
JSW, Japan's JFE Mull Specialty Steel Production In India With An Investment Of Over $1 Billion: Report
Representative Image
JSW Steel along with its Japanese partner JFE Steel will soon be taking a call on a billion-dollar investment to jointly set up a manufacturing facility for specialty steel in India.
JFE Steel is the second-largest steelmaker in Japan and has a 15 per cent stake in JSW Steel through its European subsidiary.
The project, if the two companies go ahead with it, would help India in reducing its import reliance for the high-end alloy.
The companies had last year commissioned a feasibility study for manufacturing grain oriented electrical steel in India.
Grain-oriented electrical steel is used to make energy efficient transformers, generators and motors.
The study is now close to completion and the the steel firms would be ready to take a call on the project by December.
"It is a highly specialised steel and is 100 per cent imported into India today," JSW Steel's joint managing director Seshagiri Rao was quoted in a Economic Times report as saying.
He added that the high-end alloy has a huge and fast-growing market in India.
According to the ET report, if the companies decide to go ahead with the project, it will entail and investment of over $1 billion.
Further, the project will be implemented at JSW Steel's Vijaynagar Complex in Karnataka.
It should be noted that the electrical steel is slated to receive the highest level of support under the government's Rs 6,322 crore production linked incentive (PLI) scheme for specialty steel, which was announced in July this year.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
