The joint venture will be based in India, and the project is expected to cost INR5,500 crores (approximately US$664.5 million.)

JSW Steel said the project will take advantage of “industry-leading machinery, technical know-how and JFE Steel’s energy-efficient production technology developed through extensive research and development.” 

The project will be financed through a mix of equity and debt.

In a separate development, JSW Steel is moving to secure a source of renewably produced hydrogen for its Vijayanagar plant, according to a report. 

“We will commence use of green hydrogen in our DRI unit in Vijayanagar on a small scale to see the efficacy and usability,” said JSW Steel. “We will see how the trial goes and use that study to see how the hydrogen can be scaled up once the technology becomes more evolved and commercially viable.”

The company will work with JSW Energy, which will establish a green hydrogen plant with an annual capacity of 3,800 metric tons. 
The project is to be completed within two years.