The company received confirmation from the Office of the Director, Directorate of Mines and Geology, Government of Goa, recognizing its status as the preferred bidder with the highest final offer price at 118.10% of the mineral’s dispatched value.
The mineral block is estimated to have an iron ore resource of 96 million tonnes. JSW Steel stated that it will take all necessary steps according to the tender document to secure the Letter of Intent and other required statutory approvals.
Also Read: JSW Steel in discussions to divest up to 50% stake in Bhushan Power & Steel: Sources
Last month, JSW Steel revealed that it had entered into a share subscription and joint venture agreement with South Korea’s POSCO Group to establish a 50:50 joint venture, a significant move in the creation of a six million tonnes per annum (MTPA) integrated steel plant in Odisha, as per an exchange filing.
The company noted that its wholly-owned subsidiary, Saffron Resources Pvt Ltd, will transition into an equal joint venture between JSW Steel and POSCO Group following this agreement. The pact has been signed by both partners along with Saffron Resources, it added.
The proposed deal is subject to regulatory approvals, including from the Competition Commission of India (CCI), along with other customary conditions.
Also Read: JSW Steel Q4 Business Update: Crude steel output declines 1% QoQ and 3% YoY
In a separate announcement, the companies stated that the joint venture will establish a greenfield integrated steel plant with a capacity of 6 MTPA in Odisha. The project will encompass steelmaking, hot rolling, and downstream processing facilities, focusing on high-grade flat steel products for automotive and other applications.
This partnership builds upon previous agreements made between the two companies in 2024 and 2025, aimed at combining POSCO’s technological advancements with JSW Steel’s execution strengths. The project is projected to commence operations by 2031.
JSW Steel Ltd’s shares closed at ₹1,275.00, down by ₹8.30, or 0.65%, on the BSE.
Also Read: John Cockerill India secures ₹300 crore JSW Steel order for galvanizing line at Khopoli plant
(Edited by : Jomy Jos Pullokaran)
