The new company JSW Electrical Steel, will be renamed JSW JFE Electrical Steel after both companies, agreed to hold an equal stake in the joint venture.
The facility is targeted to commence production in the financial year, 2026-27 and plans to further expand its capacity to meet the growing market demand for grain-oriented electrical steel in India, said the company in a statement on Tuesday.
The joint venture company, would be the first, 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 and contribute significantly to the country’s energy infrastructure.
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.
The proposed investment, comes after JSW Steel getting 2,950.31 acres at Utkal in Odisha last month for setting up a 13 million tonne integrated steel plant.
In a separate development, JSW Group promoters, planned to invest ₹40,000 crore in its electric vehicles and component manufacturing projects at Cuttack and Paradip in Odisha. Both the projects are expected to create over 11,000 new jobs in the State.