JSW Group and South Korea’s POSCO have joined forces to establish a new steelmaking hub while driving advancements in electric vehicle (EV) batteries and renewable energy. The partnership aims to harness India’s growing demand for sustainable infrastructure, aligning with the country’s industrial goals and green energy transition.
Central to this collaboration is a 5 million ton per annum (MTPA) integrated steel plant, which may soon find its home in Jagatsinghpur, Odisha—a location with deep significance for both companies. Regulatory approvals are already in place for JSW Utkal Steel to develop a 13.2 MTPA facility in Jagatsinghpur, touted to be India’s largest single-location steel plant. The site’s importance grows further, as it was previously allocated to POSCO’s proposed projects before local regulatory delays forced the South Korean firm to retreat in 2017.
This venture marks POSCO’s fourth attempt to tap into the lucrative Indian market, following earlier efforts that faced setbacks over regulatory and logistical hurdles in locations like Jharkhand, Karnataka, and Odisha. POSCO’s prior bid to enter India’s steel sector through a joint initiative with the Steel Authority of India (SAIL) in Jharkhand also encountered challenges, ultimately leading to a dissolution of the partnership.
Alongside steelmaking, the alliance between JSW and POSCO extends into renewable energy production and EV battery manufacturing, positioning them as a powerful player in India’s EV ecosystem. This expansion builds on JSW’s existing interests: the group has made strides in EV production through its stake in MG Motor India and has a robust renewable energy presence via JSW Energy, a publicly traded subsidiary. Furthermore, JSW Steel’s ongoing partnership with Japan’s JFE Steel for producing grain-oriented electrical steel aligns well with these plans.
Through this collaborative venture, JSW and POSCO are set to drive innovation, technology, and sustainability across India’s steel, EV, and energy landscapes, positioning themselves at the forefront of a new wave of industrial development in the country.