JSW Steel zooms nearly 3 per cent on proposing JV with JFE Steel
JSW Steel Ltd, one of the leading integrated steel companies in India, announced this morning that it has signed a memorandum of understanding (MoU) to undertake a feasibility test with JFE Steel Corporation, a strategic alliance partner.
The purpose of this agreement is to establish a grain-oriented electrical steel sheet manufacturing & sales joint-venture company in India. The company plans to complete the study within the current 2021 fiscal year and take appropriate steps to set up this JV company, subject to requisite approvals.
Keeping in mind the steadily increasing demand for electric power, the growing adoption of renewable energy and the electrification of automobiles, continued growth is forecasted in India and globally for grain-oriented electrical steel sheet primarily used in transformers.
On this, Seshagiri Rao, Joint MD of JSW Steel & Group CFO commented that this move will strengthen the company’s position as India’s leading manufacturer of advanced steel products, which may ultimately help in reducing CO2 emissions as well as in attaining a more sustainable world.
At 1.52 pm today, the share price of JSW Steel Ltd was trading at Rs 751.05, an increase of 2.95 per cent over its previous day’s closing price of Rs 729.50 on BSE.