JSW Steel Board approved a 50:50 joint venture with POSCO Group for subsidiary Saffron Resources to build a 6 MTPA greenfield steel plant in Odisha.
POSCO Group will invest ~₹508.8 crore to subscribe to shares in Saffron, making it an equal joint venture between the two steel producers.
The JV aims to leverage POSCO's technology for high-grade automotive steel and deepen strategic ties, with completion targeted by December 31, 2026.
Saffron contributes 887 acres of land in Odisha for the project and the transaction is not a related party transaction.