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JSW Steel has signed a Memorandum of Understanding to conduct a feasibility study with JFE Steel Corporation to set up a Grain Oriented Electrical Steel Sheet Manufacturing and sales joint venture company in India.
The study will be completed this fiscal and then appropriate steps to set up the joint venture company, said JSW Steel in a statement.
JFE Steel has been holding stake in JSW Steel since in 2009. It provides technical co-operation with regard to Automotive Steel Products.
In 2012, JFE has provided technology for the production of non-oriented electrical steel sheets, which has enabled JSW to become India’s leading supplier in this field.
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Seshagiri Rao, Joint Managing Director, JSW Steel & Group CFO, said the tie-up will strengthen the company as leading manufacturer of advanced steel products that lead to cut in carbon emissions and a more sustainable world.
“Our partnership with JFE Steel since 2009 has provided us access to cutting-edge technologies and world-class technical expertise to enhance our operational excellence,” he added.
Demand for grain-oriented electrical steel sheet used in transformers has been growing steadily due to adoption of renewable energy and the electrification of automobiles.
Electrical Steel products contain additives such as Silicon and Aluminium. It offers good magnetic properties including high magnetic flux density and low iron loss making it ideal for the iron cores of Power Transformers. Non Grain oriented electrical steel, which exhibits magnetic properties that are largely uniform in all directions, is used in iron cores of generators, motors and appliances.
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JSW Steel has installed capacity of 18 mtpa and has plans to scale it up to 45 mtpa in 10 years.
JSW Steel’s manufacturing facility at Vijayanagar, Karnataka is the largest single location steel plant with a capacity of 12 mtpa.
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