India’s JSW Steel Limited will spend an estimated INR 55 billion ($666 million) to construct a plant for production of cold rolled grain-oriented (CRGO) grade steel in collaboration with JFE Steel, Japan, a company official said on Thursday, August 3.
In May, the company had announced an ‘in principle’ agreement with JFE Steel to collaborate in the production of CRGO grade steel in the country through a joint venture and to prepare a feasibility report.
In a regulatory filing, JSW Steel Limited said that the project cost will be funded through a mix of equity contribution from the two partners and debt from financial institutions.
The CRGO production plant will be located within JSW Steel Limited’s existing steel mill located at Vijaynagar in the southern state of Karnataka.