Odisha CM Majhi unveils Rs 15K crore JV between JSW, Japan’s JFE Steel
SUNDARGARH : Chief Minister Mohan Charan Majhi unveiled a landmark Rs 15,000 crore joint venture between JSW Steel Limited and Japan’s JFE Steel Corporation here on Friday.
The first and single-largest investment from Japan is expected to significantly boost Odisha’s transition from an iron-ore producer to a high-value steel manufacturing hub.
“In the upcoming days, Rourkela, Jharsuguda, Bargarh, and Deogarh will form the Sambalpur growth corridor, similar to the state capital region. Investments worth Rs 1 lakh crore shall be brought in by industriesgenerating a potential of more than two lakh jobs through this initiative,” said CM Majhi while announcing the joint venture at the JSW Steel plant in Rengali.
Calling the development a landmark step towards the vision of a ‘Samruddha Odisha’ by 2036, he said the investment will expand JSW Steel’s existing capacity by an additional 10 million tonne per annum (MTPA), strengthening Odisha’s presence in the global steel market.The JSW-JFE partnership is set to bring advanced Japanese technology and expertise in high-grade and specialty steel manufacturing, he said, adding, it will bring in an overall investment exceeding Rs 30,000 crore.
The CM highlighted JFE’s expertise in electrical steel, which is critical for electric mobility, renewable energy systems, high-efficiency motors, transformers, and the evolving power ecosystem. The project is expected to facilitate an advanced downstream manufacturing base and strengthen Odisha’s position in the global supply chain, while also deepening long-term India-Japan industrial Pradhan said the project would generate thousands of direct and indirect employment opportunities and act as a game-changer for Odisha’s economy. He stressed the importance of industrialisation in driving national development and welfare, echoing Prime Minister Narendra Modi’s vision of empowering wealth creators.
President and CEO of JFE Holdings Yoshihisa Kitano highlighted the joint venture’s focus on technology-led production and value-added steel. JSW Group chairman Sajjan Jindal emphasised Odisha’s strategic advantage and execution strength. He also announced additionalinvestments for 10 MTPA steel plants in Keonjhar and Dhenkanal.
The CM appealed JFE Steel to invest in his home district Keonjhar, stating that production costs could be reduced by up to 50 per cent due to direct access to high-grade iron ore, reduced logistics expenses, proximity to key industrial corridors, and improving infrastructure. He assured fast-track clearances and incentive