JSW Steel has announced a substantial investment of Rs 500 crore to set up nine lakh tonnes of highly corrosion-resistant specialty steel, JSW Magsure, produced from its factories at Vasind and Vijayanagar in Maharashtra and Karnataka, respectively.

The company aims to capture a 50 per cent market share of steel supplied to roof-mounted solar projects within the first year of operations, primarily targeting solar projects in India.

Currently, JSW Steel already holds a 70 per cent market share of steel supplied to ground-mounted solar projects.

Ashwani K Sharma, Executive VP of JSW Steel Coated Business, emphasized the significant demand for JSW Magsure across sectors prone to corrosion, including green energy, infrastructure, white goods, and grain silos.

The company has already initiated supplies to Adani Green Energy and is in talks with leading fabricators such as Reliance Industries, Green Tech Solar, Amplify Solar, NTPC, and Sterling Wilson.

Initial supplies totaling 5,000 tonnes have been provided to Adani Green Energy, with negotiations ongoing for similar quantities in the next three months.