Sambalpur: Chief Minister Mohan Majhi on Friday announced development of Sambalpur Growth Corridor, which will encompass Rourkela, Jharsuguda, Bargarh, and Deogarh districts.
“The corridor is expected to attract investments worth over Rs 1 lakh crore from industries and generate more than two lakh jobs,” he said during the launch of joint venture between JSW Steel Limited and Japan’s JFE Steel Corporation at Rengali in Sambalpur.
This marks Odisha’s single largest Japanese investment to date, with JFE committing Rs 15,000 crore. The partnership will expand JSW Steel’s capacity in the state by an additional 10 million tonnes per annum (MTPA), strengthening Odisha’s position in the global high-grade and specialty steel market.
The total JSW-JFE venture would involve an estimated investment of more than Rs 30,000 crore and will leverage advanced Japanese technology for manufacturing high-grade and specialty steel, including electrical steel critical for electric vehicles, renewable energy, and high-efficiency motors and transformers.
CM Majhi described the project as a significant step towards transforming Odisha from a raw iron-ore supplier into a high-value steel manufacturing hub. He highlighted that the state currently produces around 40 MTPA of steel and is steadily progressing towards the 100 MTPA target to meet growing domestic and export demand. “We are committed to producing 100 MTPA of steel by 2030. It is a strategic commitment backed by resources, policy, infrastructure, and meticulous execution,” he noted.
The Chief Minister also extended a special invitation to JFE Steel to set up operations in his home district of Keonjhar, stating that overall production costs there could be up to 50 per cent lower due to direct access to high-grade iron ore, reduced logistics expenses, proximity to industrial corridors, and improving infrastructure. “Keonjhar offers a unique advantage with significantly lower production costs. We will provide fast-track clearances and all possible incentives for such strategic investments,” Majhi assured.
He further announced that the government has secured additional investment commitments from JSW Steel and South Korea’s POSCO for two large steel plants in Dhenkanal and Keonjhar districts, with a combined capacity of 11 MTPA.
Union Education Minister Shri Dharmendra Pradhan, who attended the event, praised the joint venture for its focus on technology-driven, high-value steel production and its contribution to strengthening India-Japan industrial cooperation.
The ceremony was graced by Keiichi Ono, Ambassador of Japan to India, and Yoshihisa Ishikawa, Consul General of Japan in Kolkata. Senior JSW and JFE leaders, including JSW Group Chairman Sajjan Jindal, JSW Managing Director Parth Jindal, and JFE Holdings President & CEO Yoshihisa Kitano, were also present.
Senior Odisha government officials, including Chief Secretary Anu Garg and Additional Chief Secretary (Industries) Shri Hemant Sharma, along with local MLAs and ministers, attended the event.
