JSW Steel and POSCO have announced a 50:50 joint venture to set up a greenfield integrated steel plant in Odisha, marking a fresh chapter in India–South Korea industrial collaboration.
The project will be developed through Saffron Resources Private Limited, which will be converted into an equal partnership entity. The proposed plant will have an initial capacity of 6 MTPA, with POSCO investing around ₹508.8 crore for its stake. The venture already has access to nearly 887 acres of land earmarked for development.
Designed with long-term growth in mind, the project aligns with JSW Steel’s ambition to scale up its domestic capacity to 50 MTPA by 2031, while strengthening POSCO’s footprint in India.
Beyond capacity addition, the partnership reflects a broader push to deepen economic ties between India and South Korea. With a shared focus on manufacturing, technology and infrastructure, the venture is expected to support India’s industrial growth while reinforcing its position as a global steel and manufacturing hub.
