JFE, JSW agree JV, expansion for BSPL's Odisha integrated works

Japan's JFE Steel and its 15% affiliate, India's JSW Steel, have agreed to form a joint venture to manage and subsequently expand the Odisha integrated works on India's east coast currently operated by JSW's subsidiary, Bhushan Power & Steel Limited (BPSL). The agreement, announced on December 3, will provide a welcome cash injection for JSW and provide JFE with its first overseas integrated steelworks and its third worldwide after its two in Japan.

"Leveraging our technological strengths and jointly operating an integrated steel plant in India with JSW, we will not only contribute to the further growth of both companies but also make a significant contribution to the development of the Indian steel industry," JFE Steel's CEO Masayuki Hirose said in a