JSW Steel and POSCO Group form joint venture for 6 mtpa steel plant in Odisha

Key facts

• JSW Steel Ltd and POSCO Group have formed a 50:50 joint venture (JV) to establish a greenfield 6 million tonnes per annum (mtpa) integrated steel plant in Odisha.
• The JV will be operated through Saffron Resources Pvt Ltd, a wholly owned subsidiary of JSW Steel.
• The project is located in the Keonjhar district of Odisha, involving 2,445 acres of land across 12 villages under Patna tehsil.
• The total investment for the plant is ₹35,000 crore, with an estimated employment potential of around 8,000 direct and indirect jobs.
• POSCO Group will subscribe to shares of Saffron Resources Pvt Ltd for approximately ₹508.8 crore, with the transaction expected to be completed by December 31, 2026.
• JSW Steel currently has a crude steel production capacity of 35.7 mtpa, including 34.2 mtpa in India and 1.5 mtpa in the United States, with a target of 50 mtpa in India by FY31.
• POSCO Group, headquartered in Pohang, South Korea, has a steelmaking capacity of around 45 mtpa.