In Short:
JSW Steel invested ₹500 crore to produce nine lakh tonnes of highly corrosion-resistant specialty steel called JSW Magsure in Maharashtra and Karnataka. They aim to capture 50% market share for solar projects in India. The steel is in high demand for various sectors due to its corrosion resistance. The company is negotiating with major fabricators and has already received export validation for Europe.
JSW Steel Invests ₹500 Crore in JSW Magsure: A Game Changer in Speciality Steel
JSW Steel, a leading steel company, has recently invested a whopping ₹500 crore to set-up a production line for JSW Magsure, a highly corrosion-resistant speciality steel. This new steel variant will be produced from its factories located in Vasind and Vijayanagar, Maharashtra, and Karnataka, respectively.
Targeting the Solar Projects Market
The company has set ambitious targets for JSW Magsure, aiming to capture a 50% market share in steel supplied for roof-mounted solar projects in India within the first year of operations. Already dominating the ground-mounted solar projects market with a 70% share, JSW Steel is now poised to revolutionize the steel industry with its innovative product.
Meeting Diverse Industry Needs
With applications in green energy, infrastructure, white goods, and grain silos, the demand for JSW Magsure is soaring. Ashwani K Sharma, Executive VP of JSW Steel Coated Business, highlighted the diverse sectors that will benefit from this corrosion-resistant steel.
Expanding Partnerships
JSW Steel has already made inroads with partnerships, supplying 5000 tonnes to Adani Green Energy and engaging in talks with other leading fabricators such as Reliance Industries, Green Tech Solar, Amplify Solar, NTPC, and Sterling Wilson. The company is actively exploring opportunities for collaboration with government agencies for establishing warehouses and silos using JSW Magsure.
Advanced Technology and Market Reach
JSW Steel has invested significant resources in R&D to develop the patented technology behind JSW Magsure. With plans to source raw materials domestically and potentially export to Europe and West Asia, JSW Steel is set to make a mark in the global steel market.
