Odisha Chief Minister Mohan Charan Majhi announced on Friday that JSW Group, India’s rapidly expanding conglomerate, and South Korean steel giant POSCO will jointly develop a greenfield steel plant in Keonjhar, his home district.
Majhi shared this news amid speculation about the location of the JSW-POSCO collaboration, clarifying that during recent Make-in-Odisha roadshows in Delhi and Mumbai, he discussed setting up the plant in mineral-rich Keonjhar with both companies.
The two firms signed a Memorandum of Understanding (MoU) on October 29 at JSW Group’s headquarters in Mumbai, attended by JSW Group Chairman Sajjan Jindal and POSCO Chairman Chang In-hwa.
This partnership aims to establish an integrated steel plant with an initial capacity of 5 million tonnes per annum (MTPA). According to the MoU, the companies will also explore collaboration in EV battery materials and renewable energy to support the steel plant’s needs.
The Odisha government has earmarked two land options in Keonjhar for the project: one comprising 2,500 acres near Odisha Tea Plantation Ltd. in the Taramakant area of Banspal block, and another of 1,956 acres at Patna, initially designated for ArcelorMittal.
This project marks POSCO’s second attempt to set up a steel plant in Odisha after its previous plan for a 12 million tonne steel facility in Paradip was shelved due to protests and regulatory hurdles. The JSW Group is one of India’s largest conglomerates, renowned for its footprint across industries like steel, energy, infrastructure, and cement.
Initially focused on steel production, JSW has emerged as a leading, geographically diversified steel producer with extensive manufacturing capabilities in India and the U.S. Its steel operations emphasize high-quality, value-added products for sectors like automotive and construction, bolstering its competitive edge amid global demand fluctuations.
In energy, JSW is advancing a major shift toward renewable power, setting ambitious goals to achieve 20 GW of renewable capacity by 2030, integrating wind, solar, and hydroelectric projects into its portfolio. Sustainability is central to JSW’s strategy, with the company actively investing in green hydrogen and battery storage to support India’s clean energy transition.
JSW’s power division is also diversifying into pumped hydro storage and energy services, aiming to contribute to India’s decarbonization efforts and reduce industrial emissions. With this multi-industry approach and expansion into international markets, the Group remains a pivotal player in India’s industrial growth and green energy future.
