JSW Steel and POSCO Announce ₹500+ Crore Joint Venture in Odisha
Bhubaneswar, April 20: JSW Steel and South Korea’s POSCO have entered into a 50:50 partnership to establish a greenfield integrated steel plant in Odisha.
The project, valued at over ₹500 crore, will be executed through Saffron Resources Pvt. Ltd., a JSW subsidiary now converted into a joint venture entity.
The upcoming plant will have a production capacity of 6 million tonnes per annum (MTPA), with POSCO subscribing to shares worth ₹508.8 crore.
The venture already has access to 887 acres of land in Odisha, and governance will be shared equally with directors from both companies.
The transaction is expected to be completed by December 31, 2026, aligning with JSW’s broader plan to expand its crude steel capacity from 35.7 MTPA to 50 MTPA by FY 2031.
POSCO, headquartered in Pohang, South Korea, currently produces 45 MTPA, making it the country’s largest steelmaker.
This collaboration not only strengthens India–South Korea economic ties, elevated to a Special Strategic Partnership in 2015, but also supports the “Make in India” initiative by boosting domestic manufacturing.
The announcement coincides with the India visit of President Lee Jae Myung, underscoring the strategic importance of the deal.
