New Delhi: JSW Steel has announced that it has entered an in-principal agreement with JFE Steel, based in Japan, to form a 50:50 joint venture in India for manufacturing cold rolled grain oriented Electrical Steel (CRGO). The agreement builds on the Memorandum of Understanding (MoU) signed by both companies in May 2021 and follows the completion of a feasibility study. The proposed facilities at Vijayanagar, Karnataka, India will enable the JV to manufacture the complete range of CRGO products.

JSW Steel and JFE Steel have announced their joint venture (JV) in India to produce CRGO products. This marks the first time that a company in India will be using its entire manufacturing process for CRGO production. The JV will cater to the rising demand of CRGO products in India by offering locally made, energy efficient CRGO products developed by JFE Steel through extensive R&D. Sources suggest that the investment in the project could be substantial. The finalization of the joint venture is contingent upon executing definitive agreements and obtaining regulatory approvals. It's worth noting that JSW Steel and JFE Steel have had a strategic alliance since 2009, with JFE Steel holding a 15% equity stake in JSW Steel.

JFE and JSW Steel collaborate again for advanced Steel products in India's market. In 2012, JFE provided technology to JSW Steel, helping them become the top supplier of non-grain oriented Electrical Steel products. This time, they join forces to provide CRGO products, aiming to solidify JSW Steel's position as India's leading advanced Steel manufacturer. The partnership focuses on reducing CO₂ emissions and creating sustainable Steel solutions. JFE emphasizes that their goal is to support India's growing economy by supplying grain-oriented Electrical Steel sheets for eco-friendly energy network enhancement projects.

JSW Steel has announced that its Vijayanagar facility will produce the upstream substrate (hot-rolled Steel sheet), which is the raw material for the joint venture (JV) that will manufacture cold-rolled grain oriented (CRGO) Steel in India. The iron cores of power transformers require CRGO due to its exceptional magnetic properties in a single rolling direction. The JV is expected to commence full operations in 2027. JSW Steel's wholly owned subsidiary, JSW Steel Coated Products Limited (JSWSCPL), acquired National Steel and Agro Industries (NSAIL) for INR 621 crore under the Insolvency and Bankruptcy Code (IBC). The resolution plan received approval from the National Company Law Tribunal (NCLT) on May 19.

JSW Steel has disclosed the terms of their resolution plan in an exchange filing on Monday. According to the filing, JSWSCPL intends to pay Rs 612.47 crore to the financial creditor. In addition, there will be an infusion of funds amounting to 8.52 crore to fully settle unpaid insolvency resolution process costs, operational creditor payments, and other necessary payments as per the resolution plan's terms. Furthermore, the filing stated that NSAIL will be delisted without any exit price paid to shareholders, pursuant to the NCLT-approved resolution plan. Notably, NSAIL operates in diverse industries, such as Steel, agriculture, and power, with a turnover of approximately 815 crores in FY 2021-22.