JSW Steel signs agreement to establish CRGO electrical steel manufacturing JV

JSW Steel signs agreement to establish CRGO electrical steel manufacturing JV

JSW Steel signs agreement to establish CRGO electrical steel manufacturing JV

FPJ Web DeskUpdated: Monday, May 22, 2023, 04:54 PM IST
article-image
JSW Steel signs agreement to establish CRGO electrical steel manufacturing JV | JSW Steel

JSW Steel, India and JFE Steel, Japan announced signing of a Memorandum of Understanding to conduct a joint feasibility study to establish a Cold Rolled Grain Oriented Electrical Steel (“CRGO”) manufacturing joint venture in India.

JSW Steel and JFE Steel have in‐principle reached an agreement to establish a 50:50 Joint Venture Company (“JV”). The JV shall be able to manufacture the entire range of CRGO products at its proposed facilities at Vijayanagar, Karnataka, India. This JV will be the first company to produce CRGO products with its entire chain of manufacturing processes in India.  

Further, the JV will contribute to the rapidly growing Indian demand, with its “Made in India” CRGO products based on JFE Steel’s energy efficient production technology developed through extensive R&D. The finalization of the JV will be subject to execution of definitive agreements and necessary regulatory approvals.  

Jayant Acharya, Joint Managing Director & CEO, JSW Steel said,   “The JV would further strengthen JSW Steel’s position as India’s leading manufacturer of advanced steel products that lead to reduced CO2 emissions, and creating sustainable steel solutions.”

JSW Steel and JFE Steel continue to enhance their alliance since they signed a comprehensive strategic collaboration agreement in 2009, followed by JFE Steel’s equity investment in JSW Steel. JSW Steel and JFE Steel have a technical collaboration with regards to automotive steel through which JSW Steel has developed a wide range of steel for critical auto end use applications. In 2012, JFE Steel entered into an agreement with JSW Steel to provide technology for the production of non‐grain oriented electrical steel   products, which has enabled JSW to become India’s leading supplier in this field.  

(To receive our E-paper on WhatsApp daily, please click here.  To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

ADVERTISEMENT

RECENT STORIES

Fuel Price Cuts Will Have To Wait Despite Margins For Oil Firms Turning Positive, Say Officials

Fuel Price Cuts Will Have To Wait Despite Margins For Oil Firms Turning Positive, Say Officials

Beyond Sam Altman, Meet The Minds Shaping AI Products For Tech Giants

Beyond Sam Altman, Meet The Minds Shaping AI Products For Tech Giants

Prices May Go Down As RBI Lowers Inflation Projection To 5.1%

Prices May Go Down As RBI Lowers Inflation Projection To 5.1%

From AI regulation To Startups, Key Highlights Of ChatGPT Creator Sam Altman's India Visit

From AI regulation To Startups, Key Highlights Of ChatGPT Creator Sam Altman's India Visit

Is Edtech Giant Byju's Planning To Layoff More Employees? Here's What We Know

Is Edtech Giant Byju's Planning To Layoff More Employees? Here's What We Know