Mumbai, April 18 -- JSW Steel Ltd's board has approved a joint venture with South Korea's Posco Group to set up a 6 million tonnes per annum (mtpa) integrated steel plant in Odisha.

The partnership will be executed through Saffron Resources Pvt. Ltd., a wholly owned subsidiary of JSW Steel, which will be converted into a 50:50 joint venture between the two companies, JSW said in a regulatory filing on Friday.

The proposed facility will be a greenfield project, marking a significant expansion in JSW Steel's domestic manufacturing footprint.

As part of the agreement, Posco will subscribe to shares of Saffron Resources for an estimated Rs.508.8 crore, subject to closing adjustments. The transaction is expected to be completed by 31 Decemb...