Odisha received its single-largest Japanese investment on Friday as JSW Steel Limited and Japan’s JFE Steel Corporation entered a joint venture to set up a high-value steel manufacturing hub in the state, with JFE committing ₹15,000 crore to the project.

A release issued by the Chief Minister’s Office said the partnership would strengthen Odisha’s capabilities in high-grade and specialty steel through advanced Japanese technology and operational expertise. The total investment in the JSW-JFE venture is estimated to exceed ₹30,000 crore.

At the joint venture signing in Sambalpur, chief minister Mohan Charan Majhi said the state was committed to producing 100 million tonnes per annum (MTPA) of steel by 2030, backed by resources, policy, infrastructure and execution.

He announced that Rourkela, Jharsuguda, Bargarh and Deogarh would together form the Sambalpur growth corridor, modelled on the capital region. Investments worth ₹1 lakh crore are expected, generating more than two lakh jobs.

Majhi also highlighted JFE’s expertise in electrical steel, crucial for electric mobility, renewable energy, efficient motors, transformers and the evolving power ecosystem. He said the project would create skilled employment and build an advanced downstream manufacturing base, strengthening Odisha’s global supply chain position.

The state currently produces about 40 million tonnes of steel annually and is moving towards 100MTPA to meet rising domestic and export demand driven by infrastructure growth and downstream industries.

Union minister Dharmendra Pradhan said the joint venture reflects a focus on technology-led, high-grade steelmaking and deeper India-Japan industrial cooperation.

JFE Corporation president and CEO Yoshihisa Kitano said the company aims to expand value-added steel production and contribute to India’s industrial growth.

JSW Steel chairman Sajjan Jindal emphasised the company’s execution strength, Odisha’s advantages and the partnership’s role in enhancing value-added capacity and employment. He also announced plans for additional investment in 10MTPA plants at Keonjhar and Dhenkanal.

The release further said: “The Odisha government has secured additional investment commitments from JSW Steel and the South Korean company POSCO to set up two large steel plants in the state’s Dhenkanal and Keonjhar districts. The projects, with a combined proposed capacity of 11 MTPA, are expected to significantly strengthen Odisha’s position as a leading steel-producing hub in the country and make the state a destination of choice for foreign direct investments.”