JSW Steel, South Korea’s POSCO seal 50:50 JV; 6 MTPA Odisha mega plant in pipeline

JSW Steel Ltd on Monday, April 20, said it has signed a share subscription and joint venture agreement with South Korea’s POSCO Group to form a 50:50 joint venture, marking a key step in setting up a six million tonnes per annum (MTPA) integrated steel plant in Odisha, according to an exchange filing.

The company said its wholly-owned subsidiary, Saffron Resources Pvt Ltd, will be converted into an equal joint venture between JSW Steel and POSCO Group following the agreement. The pact has been executed by the two partners along with Saffron Resources, it added.

The proposed transaction remains subject to regulatory clearances, including approval from the Competition Commission of India (CCI), and other customary conditions, JSW Steel said in the filing.

Separately, the companies announced that the joint venture will develop a greenfield integrated steel plant with a capacity of 6 MTPA in Odisha. The project will include steelmaking, hot rolling, and downstream processing facilities, and will produce high-grade flat steel products for automotive and other applications.

The partnership builds on earlier agreements signed between the two companies in 2024 and 2025, and is aimed at combining POSCO’s technological expertise with JSW Steel’s execution capabilities. The project is expected to be operational by 2031.

Shares of JSW Steel ended higher on Monday, April 20, by 2.76% at ₹1,274.50 on the NSE.

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