JSW Steel forms 50:50 JV with Korea’s POSCO for Odisha steel plant

Mumbai-based, publicly listed JSW Steel Ltd and Pohang, South Korea-based POSCO have entered into a joint venture agreement to set up a greenfield integrated steel plant in Odisha. This partnership will be executed through Saffron Resources Pvt Ltd, a wholly-owned subsidiary of JSW Steel, which will become a 50:50 joint venture. As part of the financial arrangement, POSCO will subscribe to shares in Saffron Resources for INR 508.8 crore.Saffron Resources currently possesses 887 acres of land in Odisha, designated for the new plant with a production capacity of 6 million tonnes per annum.For JSW Steel, the venture aligns with its goal to expand its crude steel production capacity in India to 50 MTPA by the 2031 fiscal year, from its current 35.7 MTPA.