JSW Steel and South Korea’s POSCO Group have approved a 50:50 joint venture to set up a 6 million tonnes per annum integrated steel plant in Odisha, giving fresh momentum to one of the state’s biggest proposed industrial projects. The venture will be housed through Saffron Resources Pvt Ltd, which already holds 887 acres in the state.

POSCO will invest about Rs 508.8 crore in the joint venture, with the transaction targeted for completion by December 31, 2026, subject to closing adjustments. The project has been linked to Odisha’s mineral-rich Keonjhar district and is expected to strengthen the state’s position as a major steel manufacturing hub.

The Odisha government had earlier cleared the 6 mtpa greenfield steel plant proposal with an estimated investment of Rs 35,000 crore and projected employment potential of around 8,000 direct and indirect jobs. The alliance is also seen as strategically important because it combines JSW Steel’s domestic execution strength with POSCO’s advanced steelmaking technology, especially for high-grade and specialised steel products.