Sambalpur, April 24: The JSW Steel and Japan's JFE Steel on Friday held foundation-stone laying ceremony in Thelkoloi of Sambalpur district, to mark their new joint venture, JSW JFE Steel Limited. Chief Minister Mohan Charan Majhi, Union Education Minister Dharmendra Pradhan, JSW Group CMD Sajjan Jindal, Ambassador of Japan to India Ono Keiichi and JFE Steel President Masayuki Hirose graced the occasion.
The joint venture is a 50:50 partnership between JSW Steel and JFE Steel Corporation. It is based on the integrated steel plant of Bhushan Power & Steel Limited (BPSL), Sambalpur, which JSW acquired in 2021.
The plant currently produces about 4.5 million tonnes of steel per year. The companies plan to invest around Rs 32,000 crore to expand capacity by six MT, taking total production to over 10 million tonnes annually.
The JFE Steel has committed about Rs 15,750 crore for its 50% stake, with half of that already invested.
The plant makes hot-rolled and cold-rolled steel, bars, wire rods, and pipes. The JV will combine JFE's advanced technology with JSW’s operations to boost production.
The partnership builds on an earlier alliance between the two companies. All key approvals, including from the Competition Commission of India, were cleared earlier this year.
Speaking on the occasion Chief Minister Mohan Charan Majhi said, “Odisha today is positioning itself as a leading destination for high-quality investment, and the proactive support of the Central Government led by Prime Minister Narendra Modi, Odisha is creating a strong environment for such transformative partnerships to flourish.”
Union Minister Pradhan said, “This occasion represents a significant milestone in the deepening economic and strategic partnership between India and Japan. The coming together of JSW and JFE reflects more than a business partnership. It brings together Japanese technological excellence, Indian industrial capability, and a shared commitment to responsible growth.”
“For western Odisha, this investment carries the potential to further strengthen Sambalpur, Jharsuguda, and the wider region as an emerging manufacturing and logistics hub—where industrial expansion must advance alongside local employment, skill development, and community participation,” said Pradhan.
