Odisha CM Majhi Announces ₹15,000 Crore Joint Venture Between JSW and Japan’s JFE Steel

SUNDARGARH: In a major push to industrial expansion, Odisha Chief Minister Mohan Charan Majhi on Friday unveiled a ₹15,000 crore joint venture between JSW Steel and Japan’s JFE Steel Corporation, marking one of the largest foreign investments in the state’s steel sector.
The project, launched at the JSW facility in Rengali, signals Odisha’s shift from being primarily an iron ore supplier to a leading producer of high-grade and specialty steel. The collaboration is expected to introduce cutting edge Japanese technology, enhancing production efficiency and product quality.
Addressing the gathering, Majhi outlined an ambitious vision for regional development, stating that districts such as Rourkela, Jharsuguda, Bargarh, and Deogarh will collectively emerge as a new industrial corridor akin to the capital region. He projected investments of around ₹1 lakh crore in the coming years, with the potential to create over two lakh employment opportunities.
The chief minister described the initiative as a cornerstone in achieving the state’s long-term goal of building a prosperous economy by 2036. The venture will also expand JSW Steel’s production capacity by an additional 10 million tonnes per annum, strengthening Odisha’s footprint in global markets.
Beyond the initial investment, the partnership is expected to mobilise total funding exceeding ₹30,000 crore over time. A key highlight of the collaboration is JFE’s expertise in electrical steel, a crucial component for electric vehicles, renewable energy systems, transformers, and energy-efficient industrial applications. This is likely to position Odisha as a critical player in emerging global supply chains.
Union Minister Dharmendra Pradhan emphasised that the initiative represents a significant step toward technology driven steel production in India. He noted that the collaboration would not only deepen industrial ties between India and Japan but also reinforce Odisha’s leadership in the sector. According to him, the project will act as a catalyst for economic transformation by generating large-scale direct and indirect employment.
JFE Holdings President and CEO Yoshihisa Kitano highlighted the venture’s focus on advanced manufacturing and value-added steel products. Meanwhile, JSW Group Chairman Sajjan Jindal pointed to Odisha’s resource advantage and efficient execution environment as key factors driving investment decisions. He also announced plans for additional steel plants with a combined capacity of 10 MTPA in Keonjhar and Dhenkanal.
In a strategic appeal, Majhi invited JFE Steel to explore investments in Keonjhar, citing significant cost advantages due to proximity to high-grade iron ore reserves, lower logistics expenses, and improving infrastructure connectivity. He assured investors of expedited approvals and policy incentives to facilitate smooth project implementation.
With this landmark development, Odisha is poised to strengthen its industrial ecosystem, attract global investors, and play a pivotal role in India’s steel and manufacturing growth story.