JSW Steel and JFE Steel to expand Grain-Oriented Electrical Steel Capacity to 350,000 tons per annum in India.
JSWSTEEL · price
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JSW Steel and its 50:50 joint venture partner JFE Steel Corporation, Japan, have approved a major expansion of their Grain-Oriented Electrical Steel (CRGO) capacity. The Nashik facility will be expanded from 50,000 TPA to 250,000 TPA at a cost of Rs 4,300 crore, while the Vijayanagar (Karnataka) facility will be enhanced from 62,000 TPA to 100,000 TPA with an additional Rs 1,545 crore investment. Total additional capex is Rs 5,845 crore, of which Rs 1,966 crore will be funded through equity (Rs 983 crore each from JSW Steel and JFE Steel). Post completion, total CRGO capacity will reach 350,000 TPA, with commissioning expected in phases from FY 2028.
This is a significant capital investment aimed at capturing growing domestic demand for CRGO steel and reducing import dependence. The phased commissioning from FY 2028 means short-term impact is limited, but it strengthens JSW Steel's value-added product portfolio and could support margins once operational. Shareholders should note the equity dilution in the JV and the execution risk over the next 2-3 years.