BENGALURU, Feb 13 Reuters JSW Steel and Japan39;s JFE Steel will invest 55 billion rupees around 663 million in an Indian joint venture to produce grainoriented electrical steel, JSW said on Tuesday.

Grainoriented electrical steel is a key component used in the manufacture of a variety of transformers such as distribution transformers, power transformers and small transformers.

The JV, which was signed in August 2023, will include the establishment of a manufacturing plant in the southern Indian state of Karnataka, while production is expected to start in fiscal 2027.

JSW also said it plans to expand the capacity of the facility to meet the growing demand for grainoriented electrical steel in India.

1 83.0140 Indian rupees

Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia Cheema

Source Reuters