JSW Steel, POSCO Sign JV Agreement for Odisha Steel Plant

JSW Steel Limited and POSCO Group have executed a Share Subscription and Joint Venture Agreement to establish a 6 MTPA integrated steel plant in Odisha. Saffron Resources Private Limited, a wholly owned subsidiary of JSW Steel, will become a 50:50 joint venture between the two companies. The project, which has secured land, aims to manufacture high-grade flat steel products for automotive and other applications, leveraging POSCO's technological expertise and JSW's project execution strengths. The plant is expected to be operational by 2031 and will complement POSCO's existing downstream unit in Pune. The transaction is subject to regulatory approvals, including from the Competition Commission of India.