JSW-POSCO to set up greenfield steel plant in Odisha’s Keonjhar

The JSW Group and South Korea’s POSCO have signed an MoU to develop an integrated steel plant in India, having an initial capacity of 5 million tonnes per annum, along with plans to explore battery materials and renewable energy spaces in India, JSW Energy and JSW Steel informed stock exchanges on October 29.

JSW Energy – part of the JSW Group and a Rs 1.12 lakh crore power company – has a renewable energy portfolio that includes hydropower, wind, and solar power. JSW Energy plans to double the installed capacity to 19 GW before 2030, and aims to have an energy storage capacity of 40 GWh.

The strategy is part of JSW Energy’s broader efforts to transition towards renewable energy and enhance storage capabilities. The company plans to spend about Rs 15,000 crore in the current fiscal 2025. JSW Energy had in April announced plans to raise Rs 5,000 crore in tranches by selling shares to high net-worth investors through a qualified institutional placement or QIP programme.

The global demand for coal, oil, and natural gas is expected to peak by 2030, and their share in global energy supply is slated to come down from present 80% to 73% by 2030, as per the International Energy Agency (IEA). According to the IEA, the global electricity demand is expected to grow by an average of 3.4% annually through 2026.