Industry Odisha Bureau, April 24: In a major FDI boost, the Odisha government was able to attract the single largest Japanese investment at Rs 15,000 crore as a Japanese steel company has collaborated with JSW Steel Ltd to expand the latter’s steel plant in Sambalpur district.
Chief Minister Mohan Charan Majhi graced the Joint Venture and initiation of partnership between JSW Steel Limited and JFE Steel Corporation, Japan, a pivotal step in Odisha’s move from an iron-ore producer to a high-value steel manufacturing hub.
This is Odisha’s first single largest Japanese investment at Rs 15,000 crore. This investment will further expand the existing capacity of JSW Steel by an additional 10 MTPA, marking a substantial presence of Odisha in the global steel market, officials said.
“I reaffirm Odisha’s long-term industrial vision: We are committed to producing 100 MTPA of steel by 2030. It is a strategic commitment backed by resources, policy, infrastructure, and meticulous execution,” said the Chief Minister.
Majhi also announced that, “In the upcoming days, Rourkela, Jharsuguda, Bargarh, and Deogarh will form the Sambalpur growth corridor, similar to the state capital growth region. Investments worth Rs 1 lakh crore shall be brought in by industries, generating a potential of more than 2 lakh jobs through this initiative.”
The JSW–JFE partnership will strengthen Odisha’s capabilities in high-grade and specialty steel through advanced Japanese technology and operational expertise. The total JSW-JFE venture would involve an estimated investment of more than Rs 30,000 crore, the officers said.
Today the JSW-JFE Joint Venture was initiated in Sambalpur in the presence of the Chief Minister, Union Education Minister Dharmendra Pradhan, Revenue and Disaster Management Minister Suresh Pujari, Panchayati Raj and Drinking Water Minister Rabi Narayan Naik, MLA Jharsuguda Tankadhar Tripathy, MLA Sambalpur Jayanarayan Mishra and other dignitaries.
The ceremony was also attended by His Excellency Keiichi Ono, Ambassador of Japan to India, and Mr. Yoshihisa Ishikawa, Consul General of Japan in Kolkata. Sajjan Jindal, Chairman, JSW Group, Parth Jindal, Managing Director – JSW Cement & JSW Paints, and Yoshihisa Kitano, President, CEO, JFE Holdings were present.
Addressing the gathering, Yoshihisa Kitano, President and CEO, JFE Corporation, highlighted the JV’s focus 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.
JSW Steel Chairman Sajjan Jindal underscored JSW’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.
As the State accelerates toward high-end steel production, the Chief Minister emphasized the strategic relevance of JFE’s expertise, particularly in electrical steel, critical for electric mobility, renewable energy, high-efficiency motors, transformers, and the evolving power ecosystem.
He said the project will create skilled employment and catalyze an advanced downstream manufacturing base positioning Odisha in the global map of the supply chain.
Also he noted that the state currently produces about 40 million tonnes of steel annually and is progressing toward 100 million tonnes per annum to meet rising domestic and export demand driven by infrastructure growth and downstream industries. This Investment will enhance the state production capacity.
Inviting JFE to expand further in Odisha, the Chief Minister made a special appeal to invest in his home district of Keonjhar, citing up to 50 percent lower overall production costs due to direct access to high-grade iron ore, reduced logistics, proximity to key industrial corridors, and improving infrastructure. He assured fast-track facilitation and incentive support for strategic investments.
Highlighting Odisha’s leadership in India’s steel sector, the Union Minister Pradhan noted the JV’s focus 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.
The Odisha government has secured another investment commitment from JSW Steel and South Korean Company POSCO to set up two large steel plants in the state’s Dhenkanal and Keonjhar districts.
The projects, with a combined proposed capacity of 11 million tonnes per annum (MTPA), are expected to significantly strengthen Odisha’s position as a leading steel-producing hub in the country and making the state a destination of choice for Foreign Direct Investments.
JSW Steel–JFE Steel joint venture marks yet another significant step towards realizing the vision of a “Samruddha Odisha by 2036.” Under the visionary leadership of CM Majhi, Odisha continues to position itself as a preferred global destination for high-value manufacturing and strategic industrial partnerships.
With its rich natural resources, progressive policy framework, and strong focus on infrastructure and skill development, the state is steadily transforming into a global steel and manufacturing hub.
This landmark collaboration not only strengthens India–Japan industrial ties but also reinforces Odisha’s commitment to sustainable growth, technological advancement, and inclusive economic development for the future.
Among others, Chief Secretary Anu Garg, ACS, Industries Hemant Sharma, senior officials of the Odisha Government, and representatives of both JSW and JFE were also present.
