Home-grown JSW Steel and JFE Steel Corporation of Japan have partnered to set up a joint venture (JV) company in India for manufacturing of CRGO steel.

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JFE Steel Corporation (JFE) is also an existing shareholder in JSW Steel. The Japanese firm owns 15 percent in JSW Steel.

In a regulatory filing, JSW Steel said it "has entered into a joint venture agreement with JFE on August 2, 2023 for the purposes of establishing a JV company in India for the manufacture and sale of CRGO using industry leading machinery, technical know-how and JFE Steel's energy efficient production technology developed through extensive R&D."

On May 22, JSW Steel and JFE had completed the joint feasibility study and had reached agreement to establish a 50:50 joint venture company to manufacture cold rolled grain oriented electrical steel products (CRGO) in India.

CRGO steel is a critical input for the manufacturing of transformers which is key for generation, transmission and distribution of electricity to end-users

(Edited by : Keshav Singh Chundawat)