JSW Steel is set to invest between ₹50,000 to ₹60,000 crore to develop 10 million tonnes per annum (MTPA) of green steel production capacity at its Salav plant in Maharashtra’s Raigad district. This brownfield expansion, expected to unfold over the next three to four years, aligns with growing global demand for low-emission steel, particularly from Europe, where strict sustainability mandates are driving transformation in the industry. According to JSW Group Chairman Sajjan Jindal, the green steel produced at this site will emit just one-fifth of the carbon generated by traditional steelmaking processes.
Earlier this year, the company announced a phased plan to scale up green steel output at Salav to 4 MTPA, but the new investment signals a much more ambitious roadmap. Jindal emphasized the importance of such initiatives as countries tighten environmental regulations, especially in international markets.
Addressing challenges from global competition, Jindal raised concerns over steel being dumped into India by countries like China and Vietnam. He expects the Indian government to implement safeguard duties soon to support domestic producers and maintain fair trade practices.
While rejecting claims that the Indian steel industry is inefficient, he noted the sector requires approximately $20 billion annually to meet growing demand and support future expansion, adding that consistent profits are essential to fund these investments.
Speaking at the Indian Chamber of Commerce’s centenary celebrations, Jindal highlighted India’s fast-rising steel consumption, driven by strong economic growth, which has captured global attention. With an annual growth rate of 10–12% in demand, India must add 20 MTPA of capacity each year — translating into significant capital investment.
He also pointed out that China, facing a slowdown in domestic steel consumption, exported 120 million tonnes of steel last year. Much of this excess supply is now finding its way to India via countries like Vietnam, which poses a serious challenge to Indian manufacturers.
Looking ahead, JSW Steel — part of the $24-billion JSW Group — has its sights set on becoming the largest steelmaker globally, with plans to expand its production capacity from the current 34.2 MTPA to 100 MTPA, though no specific timeline has been confirmed. Diversifying beyond steel, the group is also exploring battery cell production in India using Chinese and Korean technologies.
On the capital markets front, Jindal shared that JSW MG Motor India is expected to go public within the next two to three years, while the IPO of JSW Cement will likely be modest in size. Reflecting on missed opportunities in previous trade cycles, Jindal urged Indian businesses to act decisively and capitalize on current disruptions in global trade. He stressed that entrepreneurship demands dedication and hard work, warning against complacency. He also acknowledged that the group’s investment in research and development is currently low and ideally should reach 5% of revenues — though securing the required funding remains a challenge.
