JSW Steel to Invest ₹50,000 Cr in Green Steel to Tap European Market

JSW Steel is to invest ₹50,000–₹60,000 crore in brownfield expansion of its Salav plant in Raigad district of Maharashtra for green steel capacity development of 10 million tonnes per annum (MTPA). The expansion, to be undertaken over the next three to four years, is for catering to the growing demand from Europe for low-carbon steel.

Chairman Sajjan Jindal made the confirmation at an industry conference on Tuesday, emphasizing that the project will comply with strict European carbon regulations. “The 10 MTPA plant will produce only one-fifth of the carbon as compared to traditional plants,” he added.

This acquisition is the first major stride in JSW Steel’s pursuit to become a world leader, in expanding capacity from its present level of 34.2 MTPA to 100 MTPA. No timeline was provided for this broader expansion.

JSW had earlier announced plans to scale the green steel capacity at Salav to 4 MTPA in phases. The upcoming ₹50,000 crore push significantly accelerates those ambitions.

Jindal also raised concerns about steel dumping from China and Vietnam, urging the Indian government to act swiftly with safeguard duties. “China exported 120 million tonnes of steel last year, much of it routed to India through Vietnam,” he said, adding that India must protect domestic manufacturers.

India’s growing steel demand, projected at 10–12% annually, requires an additional 20 MTPA capacity each year, translating to a $20 billion annual investment, Jindal noted. He emphasized the need for healthy profits to fuel such investments, dismissing the perception that the industry is inefficient.

Looking ahead, JSW Group is also exploring battery cell manufacturing in India using Chinese and Korean technologies. Meanwhile, Jindal revealed that an IPO for JSW MG Motor India could launch in 2–3 years, while the upcoming JSW Cement IPO will be modest in size.

Cautioning Indian businesses not to lose ground to competitors like Vietnam, Jindal urged entrepreneurs to stay focused and invest more in research and development ideally 5% of revenues, though he acknowledged funding remains a challenge.