THEBUSINESSBYTES BUREAU
SAMBALPUR, APRIL 24, 2026
In a landmark development for
Odisha's industrial landscape, leading Indian steelmaker JSW Steel and Japan's
renowned JFE Steel Corporation have formally launched their joint venture at
Sambalpur on Friday. The project, unveiled in the presence of Union Education
Minister and Sambalpur MP Dharmendra Pradhan and Odisha Chief Minister Mohan
Charan Majhi, is set to position Sambalpur and Jharsuguda as one of India's
leading manufacturing and logistics hubs.
Welcoming the strategic partnership,
Pradhan said the venture would attract investments of nearly Rs 1 lakh crore in
Odisha, primarily focused on the production of high-grade, value-added steel.
He described the collaboration as a major step in strengthening the
longstanding economic and diplomatic ties between India and Japan, which will
mark 75 years in 2027.
The 50:50 joint venture between
JSW Steel and JFE Steel will significantly expand the annual production
capacity of JSW's Sambalpur plant from 4.5 million tonnes to 10 million tonnes.
The project will place a strong emphasis on green steel production, setting new
benchmarks in environmentally sustainable manufacturing while reinforcing
Odisha's position on the global steel map.
Pradhan highlighted that the
investment would generate thousands of direct and indirect employment
opportunities across Sambalpur, Jharsuguda and the wider western Odisha region.
He termed the project a "game changer" for the state's economy,
driving industrial growth, skill development and community participation.
"The coming together of JSW and JFE is not merely a business agreement; it is a fusion of Japan's technological excellence and India's industrial capability," Pradhan said. He added that the partnership would accelerate responsible industrialisation while creating a world-class manufacturing ecosystem in Odisha.
The grand ceremony was attended by Japanese Ambassador to India Ono Keiichi, Odisha Revenue Minister Suresh Pujari, Panchayati Raj Minister Rabi Narayan Naik, JSW Group Chairman Sajjan Jindal, and JFE Steel President and CEO Yoshihisa Kitano, Odisha Chief Secretary Anu Garg, among other dignitaries.
