JSW Steel's Ambitious Green Steel Expansion

JSW Steel plans to invest over Rs 50,000 crore to expand its green steel capacity near India's financial capital. This initiative aims to meet a European green steel mandate, increasing capacity to 10 million tonnes, while addressing foreign competition and supporting local economic growth.

JSW Steel is set to invest more than Rs 50,000 crore to establish 10 million tonnes per annum of green steel capacity near the nation's financial hub. This bold move comes as part of efforts to comply with European mandates on green steel production, stated the company's chief, Jindal.

Speaking at the Indian Chamber of Commerce's centenary year event, Jindal disclosed that the investment will significantly reduce carbon emissions, a fifth of what's produced by traditional plants. He also highlighted concerns over China and Vietnam's attempts to flood the Indian market with steel, urging governmental intervention with safeguard duties.

The company's ambition to expand its footprint is part of a broader strategy to become the world's largest steel producer, eyeing a total capacity of 100 million tonnes. As part of its diversification, JSW Steel is exploring battery cell manufacturing in India using Chinese technology, with plans for future IPOs in the automobile and cement sectors.

(With inputs from agencies.)