India’s JFE Steel and Japan’s JSW Steel have reached an agreement to form a 50:50 joint venture company, named JSW JFE Electrical Steel Private Limited, to produce grain-oriented electrical steel (GOES) in Karnataka state, India.

The two companies completed the joint feasibility study on May 22.

The joint venture, with a total investment of US$670 million, is aimed to support the growing Indian economy by supplying high-grade GOES for greener energy network enhancement projects and high energy efficiency.

The company has a goal to start full production of a complete range of CRGO grades in the fiscal year 2027, especially high permeability grades.