JSW Steel Limited has informed the Exchange about Sale or disposal - Joint Venture Agreement between JSW Steel Limited and POSCO Group through whichSaffron Resources Private Limited, a wholly owned subsidiary of the Company wouldbecome a 50:50 Joint Venture between the Company and POSCO Group
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JSW Steel's board has approved a Joint Venture with South Korea's POSCO Group, the world's fifth-largest steelmaker, to set up a 6 MTPA greenfield integrated steel plant in Odisha. JSW will convert its wholly owned subsidiary Saffron Resources Private Limited into a 50:50 JV, with POSCO subscribing to shares for approximately INR 508.8 crore. Saffron already holds 887 acres of land in Odisha (595 acres freehold, 292 acres leasehold) which can be used for the plant. The transaction is expected to be completed by December 31, 2026, and is not a related-party deal. The partnership aims to give JSW access to POSCO's technology for manufacturing high-grade steel products, particularly for the automotive sector, and supports JSW's goal of reaching 50 MTPA capacity in India by FY31.
This is a strategically positive development for JSW Steel shareholders — partnering with a globally competitive steelmaker like POSCO brings in technology, capital (INR 508.8 crore) and credibility for the Odisha expansion, potentially accelerating the 6 MTPA capacity addition without straining JSW's balance sheet. The stock may see a positive reaction given the marquee partner and the 50 MTPA FY31 capacity ambition.