New Delhi, April 20 -- JSW Steel Limited and South Korea's POSCO Group have entered into a Joint Venture Agreement to establish a greenfield integrated steel plant in Odisha. According to a regulatory filing, the partnership will be executed through Saffron Resources Private Limited, a wholly owned subsidiary of JSW Steel, which will now become a 50:50 joint venture between the two companies.

The Board of Directors of JSW Steel approved the Share Subscription and Joint Venture Agreement during a meeting held on Friday, April 17.

The proposed facility is designed to have a production capacity of 6 million tonnes per annum (MTPA). Saffron Resources currently possesses 887 acres of land in Odisha, comprising approximately 595 acres of free...