New Delhi: Home-grown JSW Steel and JFE Steel Corporation of Japan have partnered to set up a joint venture (JV) company in India for manufacturing of CRGO steel. JFE Steel Corporation (JFE) is also an existing shareholder in JSW Steel. The Japanese firm owns 15 per cent in JSW Steel.
In a regulatory filing, JSW Steel said it "has entered into a joint venture agreement with JFE on August 2, 2023 for the purposes of establishing a JV company in India for the manufacture and sale of CRGO using industry leading machinery, technical know-how and JFE Steel's energy efficient production technology developed through extensive R&D."
On May 22, JSW Steel and JFE had completed the joint feasibility study and had reached agreement to establish a 50:50 joint venture company to manufacture cold rolled grain oriented electrical steel products (CRGO) in India.
CRGO steel is a critical input for the manufacturing of transformers which is key for generation, transmission and distribution of electricity to end-users.