JSW Steel, POSCO form 50:50 JV for 6 MTPA Odisha steel plant

JSW Steel Limited and POSCO Group have entered into a Share Subscription and Joint Venture Agreement. Saffron Resources Private Limited, a wholly-owned subsidiary of JSW Steel, will become a 50:50 joint venture between the two companies. The JV aims to establish a greenfield 6 MTPA integrated steel plant in Odisha, utilizing Saffron's existing 887 acres of land. POSCO Group will subscribe to shares of Saffron for approximately ₹508.8 crore. This partnership is expected to strengthen strategic ties and provide JSW Steel with access to technology for high-grade steel products for automotive and other applications.