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 shareholder. JSW Steel is 15% owned by a Japanese company.

JSW Steel announced in a regulatory filing that 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."

JSW Steel and JFE completed a joint feasibility study. They agreed to form a 50:50 joint venture company to manufacture cold rolled grain-oriented electrical steel products (CRGO) in India on May 22.

CRGO steel is a critical input in the production of transformers, which are essential in generating, transmitting, and distributing electricity to end users.