Bhubaneswar/Sambalpur: In a major boost to Odisha’s industrial sector, the state government Friday facilitated a joint venture between JSW Steel Limited and JFE Steel Corporation, attracting an investment of over Rs 15,000 crore from Japan for the expansion of a steel project in Sambalpur district, officials said.
The 50:50 joint venture will expand the integrated steel plant of Bhushan Power & Steel Limited at Rengali from 4.5 million tonnes per annum (MTPA) to 10 MTPA with a total investment of Rs 32,000 crore, they said.
Chief Minister Mohan Charan Majhi, Union Minister Dharmendra Pradhan, JSW Group Chairman Sajjan Jindal, JFE Steel president Masayuki Hirose, and other dignitaries attended the JV formation event.
Japanese Ambassador to India Keiichi Ono and Consul General Yoshihisa Ishikawa were also present.
Under the agreement, JFE Steel will invest about Rs 15,750 crore for its 50 per cent stake, officials said. The upgraded facility will produce hot-rolled and cold-rolled steel, bars, wire rods and pipes.
Speaking on the occasion, the CM said the project marked a significant step in Odisha’s transition from an iron ore-producing state to a high-value steel manufacturing hub.
He reiterated the state’s vision of achieving 100 million tonnes per annum (MTPA) steel production capacity by 2030, backed by resources, policy support and infrastructure development.
On the occasion, the CM also announced that Rourkela, Jharsuguda, Bargarh, and Deogarh will form the Sambalpur growth corridor soon, similar to the state capital growth region. In the new corridor, an investment of Rs 1 lakh crore will be made by industries and generate a potential of more than 2 lakh jobs through this initiative.
Later, in a post on X, Majhi said: “Honoured to attend the Joint Venture Establishment and Partnership Initiation Ceremony of JSW Steel Limited and JFE Steel Corporation, Japan at Sambalpur, a historic moment for Odisha and a defining chapter in India’s industrial future.”
Honoured to attend the Joint Venture Establishment and Partnership Initiation Ceremony of JSW Steel Limited and JFE Steel Corporation, Japan at Sambalpur, a historic moment for Odisha and a defining chapter in India’s industrial future. The distinguished presence of His… pic.twitter.com/Gll2UhUU3K
— Mohan Charan Majhi (@MohanMOdisha) April 24, 2026
Pradhan noted that the JV’s focus is on technology-led, high-grade steelmaking and long-term India–Japan industrial cooperation. He also mentioned that the company aims to strengthen value-added steel production and contribute to India’s industrial growth.
Addressing the gathering, Yoshihisa Kitano, president and CEO, JFE Corporation, mentioned that the company aims to strengthen value-added steel production.
JSW Steel chairman Sajjan Jindal underscored the firm’s execution strength, Odisha’s strategic advantage, and the partnership’s role in building value-added steel capacity and skilled employment. He also announced more investment for 10MTPA steel plants at Keonjhar and Dhenkanal.
Earlier this month, Odisha had also secured investment commitments through another JSW–POSCO joint venture for steel plants in Dhenkanal and Keonjhar districts.
PTI
