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regular-article-logo Monday, 27 May 2024

Japan’s Mitsui & Co funds for JSW B2B portal

Money will be utilised to strengthen the company’s market presence and further enhance tech capabilities

Our Special Correspondent Calcutta Published 11.04.23, 04:26 AM
The Japanese steel major had picked up a 15 per cent stake in JSW Steel, the flagship of the group, in 2009.

The Japanese steel major had picked up a 15 per cent stake in JSW Steel, the flagship of the group, in 2009. File photo

JSW One Platforms, the B2B e-commerce venture of the JSW group, raised Rs 205 crore from Japan’s Mitsui & Co, valuing the two-year-old company at Rs 2,750 crore.

The money will be utilised to strengthen the company’s market presence and further enhance tech capabilities. It plans to expand operations in newer geographies such as the NCR, Gujarat, Rajasthan, Madhya Pradesh and Chhattisgarh, apart from investing in credit, logistics and technology stack to improve customer experience.

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The e-commerce marketplace offers building materials such as steel, cement and paints — products that the $22 billion JSW Group manufactures, among others. It also offers third party products on the platform.

Mitsui followed another Japanese major, JFE Steel, to pick up an equity stake in a Sajjan Jindal-led company. The Japanese steel major had picked up a 15 per cent stake in JSW Steel, the flagship of the group, in 2009.

Commenting on the development, Parth Jindal, director of JSW One Platforms, said, “I am pleased to welcome Mitsui as an investor in JSW One Platforms. Their decision to invest in our e-commerce business validates our long-term strategic vision to capitalise on technology to take a strong leadership position in the B2B e-commerce sector.”

Masaharu Okubo, managing officer, country chairperson in India of Mitsui & Co, added, “Our investment and partnership with JSW One Platforms not only signals our belief in the firm’s robust business model, but alsoour conviction in the long-term growth prospects of the B2B e-commerce space, which was catalysed by the Covid-19 pandemic.”

Mitsui, one of the largest trading companies of Japan, hopes to contribute in expanding the supply source and product portfolio with its partnership with JSW One.

JSW Steel

JSW Steel has achieved a 24 per cent jump in production for FY23, backed by the newly commissioned expanded capacity at Dolvi, Maharashtra.

The consolidated production, which includes the US mill in Ohio, stood at 24.15 million tonnes (mt) compared with 19.51mt in FY22. The Indian operations scored 23.62mt compared with 18.96mt in FY22, registering a growth of 25 per cent. During the January-March quarter, the Indian operations recorded 5.71 MT production, a growth of 12 per cent year-on-year and 5 per cent quarter-on-quarter.

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