JSW, JFE plan specialty steel production in India

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% 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 on 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 steel firms would be ready to take a call on the project by December.

According to a report, if the companies decide to go ahead with the project, it will entail an investment of over USD 1bn.

Further, the project will be implemented at JSW Steel’s Vijaynagar Complex in Karnataka.

It should be noted that 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.

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