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JSW Steel, POSCO to set up 6 MTPA steel plant in Odisha

#Infrastructure News#Industrial#India#Odisha
Last Updated : 24th Apr, 2026
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Synopsis

JSW Steel has approved a 50:50 joint venture with South Korea-based POSCO to develop a 6 million tonne per annum (MTPA) integrated steel plant in Odisha. The project will be executed through Saffron Resources, a JSW subsidiary holding 887 acres of land. As part of the agreement, POSCO will invest INR 508.8 crore via share subscription. The proposed plant will focus on high-grade steel production, particularly for automotive and industrial applications, while strengthening technology access and manufacturing capabilities through this strategic partnership.

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The project will be executed through Saffron Resources Private Limited, a wholly owned subsidiary of JSW Steel, which will be converted into a 50:50 joint venture entity between the two companies upon completion of the agreement. The joint venture will involve a share subscription arrangement under which POSCO Group will invest INR 508.8 crore in Saffron, subject to adjustments at closing.


Saffron Resources currently holds approximately 887 acres of land in Odisha, which has been identified for the proposed greenfield steel plant. The project is expected to be developed as an integrated facility, although timelines for execution have not been disclosed.

The partnership is aimed at strengthening collaboration between the two steel producers, with a focus on leveraging POSCO’s technology capabilities. The companies indicated that the joint venture would support the manufacturing of high-grade steel products, particularly for automotive and specialised industrial applications.

Under the proposed structure, both JSW Steel and POSCO Group will have equal ownership and governance rights in the joint venture, including the ability to appoint an equal number of directors to the board of Saffron Resources.

The development marks a strategic expansion for JSW Steel in the eastern region, while also enabling deeper engagement with global steel manufacturing practices through its association with POSCO.

Source - PTI
Next (NBCC sells Sarojini Nagar space for INR 5,779 crore)

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