JSW Steel has approved a proposal to enter into a joint venture with POSCO to set up a 6 million tonnes per annum (MTPA) integrated steel plant in Odisha.
The company said its board has cleared the signing of a Share Subscription and Joint Venture Agreement with POSCO Co., Ltd and POSCO-India Private Limited. Under the arrangement, Saffron Resources Private Limited, a wholly owned subsidiary of JSW Steel, will become a 50:50 joint venture between the two partners.
The proposed project will involve setting up a greenfield integrated steel plant in Odisha. Saffron currently holds 887 acres of land, which is expected to be utilised for the development of the facility.
As part of the agreement, POSCO Group will subscribe to shares of Saffron for a consideration of ₹508.8 crore, subject to closing adjustments.
The partnership is aimed at strengthening strategic collaboration between the two steel majors. JSW Steel said the association will enable access to advanced technology and support the manufacturing of high-grade steel products, particularly for automotive and other industrial applications.
Both JSW Steel and POSCO Group will have equal representation on the board of Saffron, with the right to appoint an equal number of directors.
The move reflects a broader push to expand domestic steel capacity while leveraging global expertise to meet growing demand for high-quality steel in India.
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