Home-grown JSW Steel and JFE Steel Corporation of Japan have joined forces to establish a joint venture (JV) company in India to produce CRGO steel. JFE Steel Corporation (JFE) is also a JSW Steel stockholder. JSW Steel is 15% owned by a Japanese company.

In a regulatory filing, JSW Steel said it "has entered into a joint venture agreement with JFE on August 2, 2023 for the purposes of establishing a JV company in India for the manufacture and sale of CRGO using industry leading machinery, technical know-how and JFE Steel's energy efficient production technology developed through extensive R&D."

On May 22, JSW Steel and JFE had completed the joint feasibility study and had reached agreement to establish a 50:50 joint venture company to manufacture cold rolled grain oriented electrical steel products (CRGO) in India.

CRGO steel is a critical input for the manufacturing of transformers which is key for generation, transmission and distribution of electricity to end-users.