Indian steelmaker JSW Steel and Japanese company JFE Steel Corporation have signed an MoU to conduct a feasibility study of a grain-oriented electric steel sheet manufacturing and sales joint venture company in India.
The study is expected to be completed by the end of FY202, so that measures can be taken to get the necessary approval for the JV.
Seshagiri Rao, joint MD of JSW Steel and group CFO, stated that the study will take the company towards advanced steel production and reduce CO2 emission.
JSW Steel noted in view of the steadily increasing demand for electric power, the growing adoption of renewable energy and the electrification of automobiles, continued growth is forecasted in India and globally for grain-oriented electrical steel sheets primarily used in transformers.
JFE Steel acquired an equity stake in JSW in 2009 while providing assistance in automotive steel production. In 2012, JFE provided technology to JSW for non-oriented electric steel sheet production.