JSW Steel has received approval for entering into a Share Subscription and Joint Venture Agreement, with POSCO Co, and POSCO India (together referred to as ‘POSCO Group’) through which Saffron Resources (Saffron), a wholly owned subsidiary of the company would become a 50:50 Joint Venture between the company and POSCO Group. The proposed joint venture would set up a greenfield 6 MTPA integrated steel plant at Odisha.

Saffron possesses 887 acres of land in Odisha (around 595 acres freehold land; around 292 acres leasehold land), which may be used to set up the proposed plant. The Joint Venture will deepen strategic ties between the two steel producers. An association with POSCO Co, will enable the company to form a strategic partnership for access to technology and manufacturing of high-grade steel products for automotive and other applications. The Board of Directors of the company at its meeting held on April 17, 2026, has approved the same. 

JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.