Mumbai/IBNS: JSW Steel has entered into a strategic partnership with South Koreas POSCO to collaborate on steelmaking, electric vehicle (EV) batteries, and renewable energy initiatives.
The two companies plan to start by establishing an integrated steel plant with a capacity of 5 million tonnes per annum (MTPA), with room for future expansion, according to a press release by JSW Steel.
Sajjan Jindal, Chairman of JSW Group, highlighted Indias growth potential, stating, India, as one of the worlds fastest-growing economies, offers significant opportunities for sustainable development, and our partnership with POSCO reinforces JSWs commitment to drive this transformation.
POSCOs senior leadership visited Mumbai to finalize the agreement.
Chang In-hwa, Chairman of POSCO, expressed optimism about the alliance, saying, This collaboration will significantly contribute to the economic growth of both Korea and India, and support our shared goal of creating a more eco-friendly and sustainable future.
Jindal added that the joint venture (JV) would also focus on renewable energy initiatives to support the integrated steel plant and help establish an EV ecosystem in India.
He emphasized that the collaboration aims to set new standards in technology and sustainability for the future of manufacturing in India and beyond.
JSW Group is already engaged in the EV sector through its investment in MG Motor India, a subsidiary of Chinas leading automaker SAIC Motor.
The conglomerate also has a presence in renewable energy through its publicly listed company, JSW Energy.
In addition, JSW Steel operates a joint venture with Japans JFE Steel to manufacture grain-oriented electrical steel in India.
JSW Group is a $24 billion Indian conglomerate with diversified interests in steel, energy, infrastructure, cement, paints, real estate, e-platforms, mobility, defense, sports, and venture capital.
