Bhubaneswar, Apr 25 (BNP): In a landmark boost to the state’s industrial sector, Odisha has secured one of its largest-ever foreign investments with the launch of a joint venture between JSW Steel and JFE Steel in Sambalpur. The collaboration brings an initial Japanese investment of ₹15,000 crore, significantly strengthening the state’s manufacturing ecosystem.
The project was inaugurated in the presence of Mohan Charan Majhi and Dharmendra Pradhan, along with senior government officials and industry leaders.
Major Boost to Steel Sector
The JSW–JFE partnership is expected to enhance Odisha’s steel production capacity by an additional 10 million tonnes per annum (MTPA), with total investments linked to the project projected to exceed ₹30,000 crore. The initiative will further strengthen Odisha’s position as a key contributor to the global steel industry.
Sambalpur Growth Corridor Announced
In a major development initiative, the Chief Minister announced the formation of the Sambalpur Growth Corridor, covering key districts such as Rourkela, Jharsuguda, Bargarh, and Deogarh. The corridor is expected to attract investments exceeding ₹1 lakh crore and generate more than two lakh employment opportunities, positioning western Odisha as a major industrial hub.
Strengthening India–Japan Industrial Ties
The joint venture will leverage advanced Japanese technology to manufacture high-grade and specialty steel, including electrical steel critical for electric mobility, renewable energy, and power infrastructure. The collaboration is expected to deepen India–Japan industrial cooperation and promote technology-driven growth.
Future Investment Plans
Sajjan Jindal announced further investments to establish 10 MTPA steel plants in Keonjhar and Dhenkanal, expanding the state’s industrial base. The Odisha government has also secured investment commitments from POSCO for future large-scale projects.
Towards a Global Steel Hub
Currently producing around 40 MTPA of steel, Odisha is steadily progressing towards its ambitious target of 100 MTPA by 2030. The JSW–JFE joint venture marks a significant step in this direction and aligns with the state’s vision of becoming a global steel powerhouse under its “Samruddha Odisha” mission by 2036.
The initiative is expected to accelerate industrial growth, generate large-scale employment, and reinforce Odisha’s position as a preferred destination for foreign direct investment.
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