Bhubaneswar/Sambalpur, April 24: Union Education Minister Dharmendra Pradhan on Wednesday graced the foundation stone laying ceremony of the JSW-JFE Steel project, the new joint venture of JSW Steel and Japan's JFE Steel in Thelkoloi of Sambalpur district and said that this occasion represents a significant milestone in the deepening economic and strategic partnership between India and Japan.
“This occasion represents a significant milestone in the deepening economic and strategic partnership between India and Japan as our two nations move towards 75 years of diplomatic relations,” said Pradhan.
Chief Minister Mohan Charan Majhi, JSW Group CMD Sajjan Jindal, Ambassador of Japan to India Ono Keiichi and JFE Steel President Masayuki Hirose graced the occasion.
“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, who represents the Sambalpur Lok Sabha constituency.
Pradhan said, “Odisha today is positioning itself as a leading destination for high-quality investment, and the proactive support of the Government of Odisha is creating a strong environment for such transformative partnerships to flourish.”
He also emphasized on collective responsibility to make Odisha prosperous.
“Our collective responsibility now is to ensure that this investment becomes a catalyst for wider regional development, sustainable industrialisation, and greater prosperity for the people of the state. With the blessings of Maa Samaleswari and Mahaprabhu Jagannath, this partnership can become a defining example of how global cooperation can strengthen India’s growth journey towards Viksit Bharat 2047,” said Pradhan.
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.
