Odisha marked a major milestone in its industrial growth journey with the launch of a joint venture between JSW Steel and JFE Steel, attracting the state’s largest-ever Japanese investment of ₹15,000 crore.
The landmark initiative was inaugurated in the presence of Chief Minister Mohan Charan Majhi and Union Minister Dharmendra Pradhan, along with senior government officials and industry leaders.
Major Boost to Odisha’s Steel Sector
The JSW–JFE partnership is set to expand Odisha’s steel production capacity by an additional 10 million tonnes per annum (MTPA), strengthening its position in the global steel market. The total investment linked to the venture is expected to exceed ₹30,000 crore.
Speaking at the event, Chief Minister Majhi reiterated the state’s long-term vision to achieve 100 MTPA steel production by 2030, backed by strong policy support, infrastructure, and resource availability.
Sambalpur Growth Corridor Announced
In a major development push, the Chief Minister announced the creation of the Sambalpur Growth Corridor, encompassing Rourkela, Jharsuguda, Bargarh, and Deogarh.
The corridor is expected to attract investments exceeding ₹1 lakh crore and generate over 2 lakh employment opportunities, positioning western Odisha as a major industrial hub.
Strengthening India–Japan Industrial Ties
The joint venture will leverage advanced Japanese technology to produce high-grade and specialty steel, including electrical steel essential for electric mobility, renewable energy, and power infrastructure.
Yoshihisa Kitano highlighted the partnership’s focus on technology-driven manufacturing and long-term India–Japan cooperation, aiming to enhance value-added steel production.
Further Investment Plans
Sajjan Jindal announced additional investments for setting up 10 MTPA steel plants in Keonjhar and Dhenkanal, further strengthening Odisha’s industrial ecosystem.
The state government has also secured commitments from POSCO for large-scale projects, reinforcing Odisha’s position as a preferred destination for foreign direct investment.
Keonjhar Invited for Future Expansion
Chief Minister Majhi invited JFE Steel to invest in Keonjhar, highlighting its strategic advantages, including proximity to high-grade iron ore, reduced logistics costs, and improved infrastructure. He noted that production costs in the district could be up to 50% lower.
Towards a Global Steel Hub
Currently producing around 40 MTPA of steel, Odisha is steadily progressing towards its target of 100 MTPA, driven by increasing domestic demand and export opportunities.
The JSW–JFE joint venture marks a significant step toward the state’s vision of becoming a global steel powerhouse and achieving the goal of a “Samruddha Odisha” by 2036.
