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JSW Steel and Japan s JFE Steel will jointly invest Rs5,500 crore in a steel plant in India to produce electrical grade grain-oriented steel, the companies stated in separate press releases.
The global grain-oriented electrical steel market size is poised to reach $18.81 billion by 2030, led by the rising demand from the EV industry, according to a report by Fortune Business Insights
JSW Steel is partnering with Japan s JFE Steel Corporation to form a 50:50 joint venture, JSW JFE Electrical Steel Private Limited. The new company will invest Rs 5,500 crore ($734 million) to set up a plant in Bellary, Karnataka, producing grain-oriented electrical steel. Production is expected to start in FY27, with potential for capacity expansion to meet growing demand in India.