JSW Steel, Japan's JFE Steel to invest $663 mln in India JV (updated)

JFE Holdings

13/02/2024 06:01

(Adds details on JV from paragraph 2)
       BENGALURU, Feb 13 (Reuters) - JSW Steel  JSTL.NS  and
Japan's JFE Steel will invest 55 billion rupees (around $663
million) in an Indian joint venture to produce grain-oriented
electrical steel, JSW said on Tuesday.
    Grain-oriented electrical steel is a key component used in
the manufacture of a variety of transformers such as
distribution transformers, power transformers and small
transformers.
    The JV, which was signed in August 2023, will include the
establishment of a manufacturing plant in the southern Indian
state of Karnataka, while production is expected to start in
fiscal 2027. 
        JSW also said it plans to expand the capacity  of the
facility to meet the growing demand for grain-oriented
electrical steel in India.
  
        
  
($1 = 83.0140 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia
Cheema)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))