JSW Steel has entered into a joint venture agreement with POSCO to establish a greenfield integrated steel plant in India, marking a significant step in strengthening bilateral industrial cooperation.
The proposed project will be developed as a 50:50 joint venture between the two companies and is planned to have an initial capacity of 6 million tonnes per annum (MTPA). The plant is expected to be set up in Odisha, a region known for its strong raw material base and strategic industrial importance.
The joint venture will be executed through Saffron Resources Private Limited, a wholly owned subsidiary of JSW Steel, which will be converted into a jointly held entity under the new structure.
The project is expected to include integrated steelmaking facilities along with downstream operations such as hot rolling and cold rolling, aimed at producing high-grade flat steel products for sectors like automotive and manufacturing.
Completion of the plant is targeted around 2031, subject to regulatory approvals and project execution timelines.
This partnership builds on earlier agreements between the two companies and combines JSW Steel’s domestic manufacturing scale with POSCO’s advanced steelmaking technology. The collaboration is also seen as a strategic move to tap into India’s growing steel demand and enhance production capabilities.
Industry observers note that the joint venture marks POSCO’s renewed entry into Odisha after its earlier large-scale project in the state did not materialise, while also reinforcing India’s position as a key destination for global steel investments.
The development is expected to contribute to capacity expansion, technology transfer, and long-term growth of the domestic steel sector, while supporting India’s broader industrial and infrastructure ambitions.
