India’s JSW Steel and Japan’s JFE Steel have announced a joint investment of 58.45 billion rupees (approximately $669 million) to increase cold-rolled electrical steel production at two plants in India, according to Reuters, citing JSW’s stock exchange disclosure.
Electrical steel is a key material in the energy sector, particularly in transformer manufacturing, due to its high energy efficiency and ability to reduce carbon emissions, making it an essential component in the green energy transition.
The plan includes allocating 43 billion rupees to increase the capacity of the Nashik plant from 50,000 tons to 250,000 tons per year, along with an investment of 15.45 billion rupees in the Vijayanagar plant to raise production from 62,000 tons to 100,000 tons annually.
A total of 19.66 billion rupees will be financed equally through the equity capital of both companies, while JSW did not disclose the source of the remaining amount.
It is worth noting that the Nashik plant was acquired by JSW in January this year from Germany’s Thyssenkrupp for 41.59 billion rupees. The new capacities are planned to be commissioned in stages, starting from the fiscal year 2028.
In a related development, India continues to implement its green steel certification system, which is granted to plants that meet the emission intensity levels set by the national taxonomy. So far, 39 manufacturers have applied for certification.
