Bhubaneswar: JSW Steel and Japan’s JFE Steel Corporation on Friday announced the formation of a joint venture company – JSW JFE Steel – in Sambalpur with chief minister Mohan Charan Majhi hailing the partnership as one that would significantly strengthen Odisha’s capacity in high-grade and speciality steel.The JV entails an investment of over Rs 30,000 crore to expand the capacity of JSW-acquired Bhushan Power & Steel plant from the existing 4.5 million tonnes per annum (MTPA) to 10 MTPA. Of this, Rs 15,000 crore will be invested by JFE, marking Odisha’s largest one-time Japanese investment till date.Addressing the gathering during the formation of the JV in Sambalpur, Majhi described the occasion as a key milestone in Odisha’s transition from being primarily an iron-ore producer to emerging as a high-value steel manufacturing hub.Reiterating the state’s industrial roadmap, the CM said Odisha is committed to achieving 100 MTPA steel production by 2030. “This is a strategic commitment backed by resources, policy support, infrastructure development and meticulous execution,” the CM said.Majhi said the govt envisages Rs 1 lakh crore investment in Sambalpur growth corridor, comprising Rourkela, Jharsuguda, Bargarh and Deogarh, generating the potential for more than two lakh jobs.The ceremony was attended by Japanese Ambassador to India Keiichi Ono and Consul General of Japan in Kolkata, Yoshihisa Ishikawa.Yoshihisa Kitano, president and CEO of JFE Corporation, said the JV would focus on technology-driven, high-grade steel-making and long-term India-Japan industrial cooperation, while strengthening value-added steel production and contributing to India’s industrial growth.JSW Steel chairman Sajjan Jindal highlighted the company’s execution capabilities, Odisha’s strategic advantages and the role of the partnership in building value-added steel capacity and skilled employment. He also announced additional investment plans for 10 MTPA steel plants in Keonjhar and Dhenkanal.Stressing the strategic importance of JFE’s expertise, particularly in electrical steel critical for electric mobility, renewable energy, high-efficiency motors and transformers, Majhi said the project would generate skilled jobs and catalyse an advanced downstream manufacturing ecosystem, positioning Odisha on the global supply chain map.He noted that Odisha currently produces about 40 million tonnes of steel annually and is moving steadily towards 100 MTPA to meet growing domestic and export demand driven by infrastructure expansion and downstream industries.Union minister Dharmendra Pradhan said the JV reflected Odisha’s leadership in India’s steel sector, emphasising its focus on technology-led, high-grade stee-lmaking and long-term India-Japan industrial collaboration.(With inputs from Ritesh Sharma in Sambalpur)