Sambalpur: Chief Minister Mohan Majhi on Friday announced the development of the Sambalpur Growth Corridor, which will include Rourkela, Jharsuguda, Bargarh, and Deogarh districts.
“The corridor is expected to attract investments worth over ₹1 lakh crore from industries and generate more than two lakh jobs,” he stated during the launch of a joint venture between JSW Steel Limited and Japan’s JFE Steel Corporation at Rengali in Sambalpur.
This initiative represents Odisha’s largest single Japanese investment to date, with JFE committing ₹15,000 crore. The partnership will enhance JSW Steel’s capacity in the state by an additional 10 million tonnes per annum (MTPA), thereby bolstering Odisha’s standing in the global high-grade and specialty steel market.
The total JSW-JFE venture is projected to involve an investment exceeding ₹30,000 crore and will utilize advanced Japanese technology for the production of high-grade and specialty steel, including electrical steel essential for electric vehicles, renewable energy, and high-efficiency motors and transformers.
CM Majhi characterized the project as a crucial move towards transforming Odisha from a supplier of raw iron ore into a hub for high-value steel manufacturing. He pointed out that the state currently produces around 40 MTPA of steel and is making steady progress towards a target of 100 MTPA to satisfy increasing domestic and export demand.
“We are committed to producing 100 MTPA of steel by 2030. It is a strategic commitment supported by resources, policy, infrastructure, and careful execution,” he remarked.
The Chief Minister also extended a special invitation to JFE Steel to establish operations in his home district of Keonjhar, noting that overall production costs there could be up to 50 percent lower due to direct access to high-grade iron ore, reduced logistics costs, 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 was present at the event, commended the joint venture for its emphasis on technology-driven, high-value steel production and its role in strengthening India-Japan industrial cooperation.
The ceremony was attended by Keiichi Ono, Ambassador of Japan to India, and Yoshihisa Ishikawa, Consul General of Japan in Kolkata. Senior leaders from JSW and JFE, including JSW Group Chairman Sajjan Jindal, JSW Managing Director Parth Jindal, and JFE Holdings President & CEO Yoshihisa Kitano, were also in attendance. Senior Odisha government officials, including Chief Secretary Anu Garg and Additional Chief Secretary (Industries) Shri Hemant Sharma, along with local MLAs and ministers, were present at the event.
