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JSW Steel, Japan's JFE Steel to invest $663 million in India JV

FILE PHOTO: The logo of JSW is seen on the company's headquarters in Mumbai

BENGALURU (Reuters) - JSW Steel and Japan's JFE Steel will invest 55 billion rupees (around $663 million) in an Indian joint venture to produce grain-oriented electrical steel, JSW said on Tuesday.

Grain-oriented electrical steel is a key component used in the manufacture of a variety of transformers such as distribution transformers, power transformers and small transformers.

The JV, which was signed in August 2023, will include the establishment of a manufacturing plant in the southern Indian state of Karnataka, while production is expected to start in fiscal 2027.

JSW also said it plans to expand the capacity of the facility to meet the growing demand for grain-oriented electrical steel in India.

($1 = 83.0140 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia Cheema)