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JSW, Tata, SAIL, JSPL are set to hike capex up to 65%; spending surge defies West Asia cost pressures. View More

Mumbai: Five largest Indian steelmakers are estimated to together spend a record ₹75,000 crore at least this fiscal as they continue to add capacity in the world's second-largest consumer of the alloy, pointing to early signs of revival in private-sector capex in the primary infrastructure industry. Spearheaded by market leader JSW Steel , steel majors Tata Steel , Jindal Steel , and state-owned Steel Authority of India will be spending up to 65% more this year as compared to the last. Capex plans of these companies have remained undeterred despite the near-term cost pressures stemming from the West Asia crisis. While specific investment numbers for AM/NS India were not available, the company is likely to spend at least ₹10,000 - 15,000 crore this fiscal, analysts said. The joint venture between ArcelorMittal and Nippon Steel is setting up a greenfield plant in Andhra Pradesh apart from expanding capacity at its plant in Hazira. A response sent to the company remained unanswered until the publication of this report. India, which appears to be largely insulated from direct spillovers of the conflict in West Asia, is set to maintain its position as the world's fastest-growing major steel market, the World Steel Association said in its latest forecast. It sees demand in India growing by 7.4% this year, and further accelerating to 9.2% in 2027. Live Events Also read | Tax ruling can set off a game of thorns for gaming company directors In FY26, India had a crude steel production capacity of around 220 million tonne, while it produced around 168 million tonne of steel. Expansion Target As per the National Steel Policy, India aims to have a production capacity of 300 million tonne by 2030. "India is going through a nation-building phase with steel being a key building block for growth," Jayant Acharya, the chief executive officer of JSW Steel, said recently. "This creates a long runway for steel demand to outpace the real GDP growth in the country," he said. Also read | Supreme Court seeks govt, RBI response to plea for audit of banks' realty exposure Acharya sees India's share of steel consumption rising to around 16% in a decade from 9% currently, and said that the growth in production is likely to lag growth in consumption. The record capex by steel-makers is coming on the back of robust profits and cash flows in fiscal 2026. While JSW Steel's consolidated profit was at an all-time high in fiscal 2026, that of Tata Steel and Steel Authority of India were at a four-year high. "Steel demand in India is expected to remain reasonably strong, supported by infrastructure development and construction activity," Gautam Malhotra, the chief executive officer of Jindal Steel said. " Steel prices have shown recovery in recent months and are expected to remain supportive in the near term," he said. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Rep. Ro Khanna wasn't in the Rust Belt to campaign. But he could be soon. View More

U.S. Rep. Ro Khanna visits Ultium Cells, an electric vehicle battery manufacturing plant in Warren, Ohio.Garrett Downs | CNBC PENNSYLVANIA, OHIO and MICHIGAN — U.S. Rep. Ro Khanna was riding shotgun in a black Chevrolet Suburban hurtling down an Ohio highway. His mind was on the economy. "I do think I have the right economic vision for this country," Khanna, D-Calif., told CNBC, taking a break from answering one of the hundreds of text messages he receives each day. "The question is just whether I will get behind someone who can help adopt it, or whether I'll do it myself."The Silicon Valley representative had just left Magnet, a nonprofit industrial consulting firm and talent incubator and a stop on his three-day tour through the Rust Belt. He was speaking to the question that many were asking here: whether the former co-chair of the 2020 Bernie Sanders campaign would mount his own bid for the White House in 2028. "It's a natural question, and the truth is that I've said I'm going to consider it after the midterms," he said when CNBC asked whether he ever gets tired of reporters asking him if he's running. The question has become more natural lately. Khanna, a progressive long seen as ambitious in Washington circles, has found himself joining the list of potential 2028 hopefuls in the eyes of oddsmakers after his successful push to release the Epstein files, which exploded into the biggest news story of 2025. He's turned that win into a populist bazooka, railing against the "Epstein class" as he calls for progressive, populist policies that could reshape the U.S. economy.Khanna has a liberal track record and endorsed self-described democratic socialist New York Mayor Zohran Mamdani. But in the industrial U.S., he talked more middle-of-the-road economic issues and pitched well-worn Democratic ideas such as cutting defense spending and finding money to pay for social programs by targeting waste, fraud and abuse.While recent polling suggests he'd be a long-shot candidate, Khanna's ability to champion progressive causes while representing one of the wealthiest congressional districts in the nation has not gone unnoticed. And his economic ideas could take root in any campaign Democrats run. Despite the buzz, Khanna was not in Ohio to campaign explicitly. He was here for the "Heartland Tour," a swing through the industrial Rust Belt for his post as the top Democrat on the House's China select committee. Undergirding the tour was a dual purpose: pitching and honing his profile-raising platform of a "New Economic Patriotism," a 13-point plan he says will revive U.S. manufacturing and solve the country's economic woes, while hearing about the threats China poses to workers and businesses in this region.CNBC rode with Khanna through Pennsylvania, Ohio and Michigan as he toured steel mills, factories and farms. At each of the 12 stops, he was introduced to people trying to revive manufacturing in the U.S.' industrial nerve center and shared his plan to help spur an industrial renaissance, which he said has been an obsession of his since his time in the Obama administration's Commerce Department. Khanna describes his vision as a "Marshall Plan for America" — a nod to the post-World War II process the U.S. and its allies undertook to rebuild Europe's economy. He, or any Democrat pursuing a presidential bid, will need this region's voters to believe in their economic promise after years of deindustrialization and job loss that have fomented anger against the political establishment and twice delivered President Donald Trump to the White House."We need to offer what an economic future vision is for places like the heartland," Khanna told CNBC. "What do Democrats stand for in terms of the building of economic opportunity in places that have been hollowed out and shafted?" Read more CNBC politics coverageJudge tosses Kilmar Abrego Garcia charges, calls prosecution 'vindictive'Trump skipping wedding of son Donald Jr. to Bettina AndersonTulsi Gabbard resigning as Trump's intelligence chiefKevin Warsh sworn in as Fed chair as Trump seeks interest rate cutsNew lawsuits against Trump's DOJ 'lawfare' fund Camille Rivera, a Democratic strategist and partner at New Deal Strategies who has advised both Mamdani's campaign and the presidential bid of Sen. Elizabeth Warren, D-Mass., said Khanna is laying good groundwork for a potential bid in a populist, progressive lane. "Populism can be leveraged and utilized, and so I think Democratic Party nominees for president should start really thinking about how to lean in and not hedging their bets," Rivera said. "He's being very clear about his positioning around big corporations and issues related to foreign policy." A 'Marshall Plan for America' Khanna's plan to revive the nation's industrial economy includes well-trod progressive thoroughfares that are unlikely to be successful, such as calling for universal healthcare or taxing the rich. But what really excites him, particularly on the road in the Rust Belt, are the pieces of the plan that he believes are critical to bolstering the manufacturing economy and fending off the China threat. First among those is creating a "national industrial bank." The bank, Khanna said, would provide capital to businesses trying to build or produce things critical to the national interest, whether that's steel, autos or energy. Khanna's second stop on the trip was JM Steel in Leetsdale, Pennsylvania, a plant turning hulking steel coils into solar tracker tubes for the company Nextpower. Executives running the facility told Khanna and Rep. Chris Deluzio, D-Pa., that manufacturers want and need industrial tax credits to build out their industry. Democrats under the Biden administration legislated a set of tax credits in the 2022 Inflation Reduction Act to spur industry to build clean energy in the U.S. Only some of those credits survive after Trump and Republicans took a knife to them in the 2025 tax and spending bill, and the credits largely failed to excite voters, raising questions about whether credits are a policy that can survive political pendulum swings in the long run.On the way to the next stop, a Tenaris steel plant that produces pipes for drilling oil and gas wells, Khanna suggested his industrial bank would be less vulnerable to political attacks that undermined some of the tax credit regimes that came before. He also argued that projects the bank would fund should be technology-neutral, after many of the 2022 law's tax credits were doomed to the dustbin of climate politics after Trump returned to the White House.The dynamic came up again after a visit to Ultium Cells, a mammoth factory in Warren, Ohio, where General Motors and LG Energy Solution are building batteries for electric vehicles. Some of the state-of-the-art factory now sits idle due to EV demand cratering after Trump and Republicans revoked consumer tax credits for the cars."It's transforming the economy of this area. It's gotten people moving back, going to restaurants, going to support local business," Khanna said after leaving the factory. "[Now] it's idled precisely because of the big ugly bill that took away the EV tax credits."The EV slowdown in the U.S. comes as China is on the march in the electric vehicle and renewable energy sectors. The industrial bank has some support from experts in industrial policy. "I think the idea is a very good one that we need to explore and experiment with as a country," said Elisabeth Reynolds, a professor at Massachusetts Institute of Technology and former special assistant to President Joe Biden for manufacturing and economic development.The country needs "to be strategic and have a long-term perspective. We need durability in our policies, and we want a range of policy tools," she said. "We know that if we leave it to the market, maybe we'll get some of what we want, but, frankly, I don't think we have the luxury right now to wait and see." A 'token tax' Of course, standing up an industrial program — and a bank — would cost money, and the U.S. government is already close to $40 trillion in debt, exceeding the U.S. gross domestic product for the first time in early March. Khanna says he has a plan for that, too. To pay for his programs, Khanna said, he would start by siphoning hundreds of billions of dollars from the annual defense budget. That money could be sent to the industrial bank to fund an entrepreneur starting a business to build a product that is critical to the national interest.Khanna met one of those entrepreneurs in Ohio during the visit to Magnet. Michael Canty is the CEO of Alloy Precision Technologies, which makes steel bellows used in machines such as natural gas-fired turbine engines. Canty said he's unable to procure a certain type of thin-walled seamless tubing for his products from the U.S. and would start a business making it if he had the capital."I'd start one, and I'd steal all the business from overseas," Canty said on the tour. "That would create a lot of jobs."Khanna said he would also fund the program by introducing a tax on billionaires, a proposal he has made in Congress, prompting attacks from some of his longtime tech industry backers. If he can't get that, he said, he'd step up the estate tax, look at a financial transaction tax on Wall Street speculation and increase the corporate tax rate. Khanna said he would also look at a novel tax that he thinks would hit pay dirt: A levy on artificial intelligence tokens, the units that AI companies use to charge for each chunk of text and data processing. It's an idea that leans on Khanna's Silicon Valley prowess — he said he had discussed the idea with "Dario [Amodei] at Anthropic, Jensen [Huang, at Nvidia], and people at OpenAI, Chris Lehane.""They're open to that kind of taxation on enterprise software, a token tax," he said. "Right now, we are taxing workers more than we tax AI; like, why shouldn't we tax AI more than we tax workers?"He says the result would be worth the costs and could help address some of the country's social tumult as well as the economy. "You have a lot of people who are angry at the system, shafted by the system, who feel a resentment," Khanna said. "If they see economic hope coming back to their communities, economic activity coming back to their communities, I think they will be more hopeful about America, less angry about America, less angry about government and wanting to tear down all the institutions." From Bucks County to Silicon Valley U.S. Rep. Ro Khanna visits the Port of Cleveland in Cleveland, Ohio.Garrett Downs | CNBC Khanna, 49, was raised in Bucks County, Pennsylvania. His father was a chemical engineer, which he said instilled in him the value of manufacturing jobs. "I always had a sense of making things mattering, and obviously [it] gave my own family a middle-class life," he said. "I didn't have to lack for things growing up. I had healthcare, I was able to play the Little League sports, I was able to have a comfortable life, and I saw that directly tied to manufacturing."He also saw what he called the deindustrialization of Bucks County, recalling a manufacturing plant closing "right when I was graduating high school.""I saw the impact of that," he said. After graduating from Council Rock High School, Khanna attended the University of Chicago and Yale Law School. He later moved to Silicon Valley and saw what he calls the economy of the future. He was appointed deputy assistant Commerce secretary by President Barack Obama, holding the post until he took a job at a Silicon Valley law firm in 2011. He first ran for Congress in California unsuccessfully in 2004. Ten years later, he tried again, taking on longtime Democratic Rep. Mike Honda in 2014 and losing. His second try against Honda, in 2016, was successful, and he defeated Honda by more than 20 percentage points. Khanna's wife is from Cleveland, and he was married there. On the trip, he visited the Port of Cleveland with Rep. Shontel Brown, D-Ohio, noting his "Cleveland roots" and that he has to listen to refrains that the Cleveland Browns "are going to win every year."His background, he said, gives him "an economic credibility.""I've spent 10 years representing Silicon Valley," Khanna said. "I've seen the future, but I want to make sure that economic future is possible for the kids I grew up with, the families I grew up with, the families my wife grew up with." U.S. Rep. Ro Khanna, D-Calif., speaks during a National Press Club Headliners Newsmaker event in Washington, April 14, 2026.Alex Wong | Getty Images Rivera, the political consultant, pointed to Khanna's willingness to take risks by endorsing progressive candidates across the country, which would gain him allies in a potential presidential bid. Khanna has endorsed a number of liberal candidates in the past year, including Mamdani, Rep. Analilia Mejia, D-N.J., Michigan Senate candidate Abdul El-Sayed and California gubernatorial candidate Tom Steyer. "It is pretty clear that he is doing the work to ensure at least that there are allies in every single city that he feels he needs, so that he can win the primary," Rivera said. Khanna's talk on the economy has also caught the attention of the current occupant of 1600 Pennsylvania Avenue. After Khanna appeared on Fox News recently, Trump lashed out at him in a set of Truth Social posts. He called Khanna a "Sleazebag, Radical Left Congressman from the failed State of California.""He is similar, but worse than [House Minority Leader] Hakeem Jeffries, only with a somewhat higher IQ," Trump said. "This morning he tried, on behalf of the Dumacrats, to take credit for the Steel Industry pouring back into the U.S., knowing full well that the Dumbs virtually destroyed it, and I SAVED IT, through strong Tariffs." Betting on the farm After the visit to Magnet, Khanna's caravan left Cleveland and headed southwest toward Toledo. He was on his way to deep-red Shelby County, where the land begins to get flat, the rows of corn extend over the horizon, and Trump 2024 flags still fly. Specifically, he was headed toward the farm of Chris Gibbs, the Shelby County Democratic Party chair. Gibbs, who was once chair of the county Republican Party and defected to the Democrats in 2019, was hosting Khanna for a dinner with the Ohio Farmers Union.A farm is not exactly Khanna's home turf. He arrived at the Gibbs farm in a navy blue suit and black penny loafers, a getup more appropriate for a boardroom than a corn, soybean and 75-to-100-head cattle operation. The event, like the whole trip, was officially apolitical. But it was here, in a barn filled with some 50 farmers that could have been mistaken for a stop on the campaign trail ahead of the Iowa caucuses, that Khanna delivered his most complete pitch for his economic plan.  U.S. Rep. Ro Khanna speaks at the farm of Chris Gibbs, the chair of the Shelby County Democratic Party, in Shelby County, Ohio.Garrett Downs | CNBC "How many people here want to live in Silicon Valley?" Khanna asked the room, after decrying the "hollowing out of industry after industry and broken promises" that followed China's accession to the World Trade Organization and the signing of the North American Free Trade Agreement. Nobody raised their hand. "People want to live in the communities they grew up in, and we never did anything to bring economic opportunity for the communities that were devastated," he said. "The question is, are we going to have a nation that has islands of economic prosperity and seas of stagnation and despair, or are we going to be a nation that has economic success and independence in every community for every family?"He closed his remarks with the two lines he seems to be eager to foist into the political lexicon: The "Marshall Plan for America" and "New Economic Patriotism.""I say we need a Marshall Plan not for Europe, we need a Marshall Plan for the United States of America," he said, to nodding heads and a few cheers. "If we understand the frustration and danger for many Americans who just want economic security and dignity, if we come together across divides to build an economic renewal strategy for America, what I call economic patriotism, I believe we can bring this country together around a new national focus."Khanna then engaged in a lengthy question-and-answer session with the assembled farmers, who shared with him their fears about low crop prices, failing export markets due to tariffs, and the high price of running a farm in today's economy. Gibbs, the night's host and emcee, in an interview after the event, said he was impressed. "He was very well received here," Gibbs said, emphasizing that the night was not a political event but designed to help Khanna hear from farmers to "help the congressman as he goes back to Washington to formulate policy." Asked about Khanna himself, however, Gibbs was less circumspect. "Ro Khanna is a thought leader," he said. "And I think he's going to do more." 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India and Russia are joining forces for rare earth extraction and processing. Agreements have been signed for joint research and development. This collaboration aims to produce high-purity metals and compounds. It also includes developing technologies for permanent magnets. View More

New Delhi: India and Russia have taken concrete steps to collaborate on the extraction and processing of rare earths at a time when New Delhi is also deepening critical minerals cooperation with its Quad partners. A memorandum of understanding was signed last week between JSC Giredmet , part of Russian nuclear major Rosatom's scientific division, and India's Nexon Geochem Pvt Ltd for joint research and development of technologies for deep processing of raw materials containing rare and rare earth metals, according to a Rosatom statement. The two sides plan to implement full-cycle projects spanning the production of high-purity metals and compounds to manufacturing materials for the electronics, chemical and nuclear industries, Rosatom said. Also read | Aiming at China, Quad announces massive USD 20 bn critical minerals framework Separately, JSC Giredmet signed a letter of intent with TEXMiN (Technology Innovation in Exploration & Mining Foundation), part of Indian Institute of Technology (Indian School of Mines), or IIT-ISM. Live Events The agreement provides for joint research and development of technologies for producing neodymium-iron-boron (NdFeB) rare earth permanent magnets , including the full metallurgical cycle and pilot validation of Giredmet technologies, according to the statement. Also read | CIL arm BCCL begins commercial operation at coal washery in West Bengal Global demand for critical minerals is rising rapidly even as supply chains and processing capacities remain unevenly distributed across regions, creating incentives for countries to build long-term industrial partnerships and diversify cooperation mechanisms, said Andrey Podchufavrov, head of the economic department at the Trade Representation of Russia in India. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

The coastal project, spread across 2,950 acres, will be developed in phases and is expected to strengthen the company’s domestic and global market presence through improved logistics and port connectivity View More

Hitachi Energy India is set to inject Rs 2,000 crore into expanding its manufacturing capabilities, driven by the surging demand for power from electric vehicles, renewable energy sources and data centers. This initiative positions the company at the forefront of Asia's second-largest economy, anticipating significant growth opportunities. View More

Mumbai: Rising power demand , an evident push toward expanding the remit of electrical applications, initiatives to boost renewable energy and data centres have helped create a multi-year growth opportunity for Hitachi Energy India , which has announced a Rs 2,000-crore manufacturing expansion program in Asia’s no. 2 economy. Hitachi Energy India is the domestic arm of the Zurich-based Hitachi Energy, which makes transformers and large-scale power transmitters. Venu Nuguri, MD & CEO, India and APAC, Hitachi Energy, told ET that the world is entering an “electricity era” as power demand rises sharply from electric mobility, renewable integration, industrial electrification and data centres. Also read | KEC International bags orders worth Rs 1,300 cr in India, overseas A key growth area for Hitachi Energy is the High Voltage Direct Current (HVDC) technology, described as a “power superhighway” capable of transmitting up to 6,000 MW through a single corridor over long distances without lower losses. Live Events “The electrons are replacing the molecules,” said Venu, adding that demand for advanced grid technologies, digital systems and high-voltage transmission infrastructure is going up as the complexity of modern electricity grids has increased significantly. The company has secured over Rs 20,000 crore worth of HVDC orders thus far and is executing two mega HVDC projects - Khavda-Nagpur and Bhadla-Fatehpur - of 6GW each. “HVDC is poised to be a solid theme with a long runway for growth with only a handful of players who possess the expertise to execute such complex projects,” said IDBI Capital in a report in April, adding that a robust Rs 1 lakh crore HVDC pipeline is expected to be awarded in India over the next 2-3 years. Hitachi Energy reported the January-March quarter earnings on Monday. Net profit jumped 80% year-on-year to Rs 330.5 crore in the March quarter from Rs 184 crore a year ago. Revenue from operations increased 46.2% to Rs 2,754.1 crore, compared with Rs 1,883.7 crore a year ago. Fresh Capex The company also approved an additional Rs 2,000 crore capital expenditure plan for its new power transformer manufacturing facility in Vadodara. This investment is in addition to the capital expenditure announced in 2024, taking the cumulative capex to Rs 4,000 crores, the company said. Also read | L&T wins orders from JSW Utkal Steel, IWAI, others “We are investing because the demand visibility is strong and structural. This is not a one- or two-year cycle,” Venu said, adding that the demand for transformers is being driven not only by transmission and renewable energy projects but also by the rapid expansion of data centres in India. India’s data centre capacity, currently estimated at less than 2 GW, could rise to 13-18 GW by 2030, creating massive demand for power equipment and grid infrastructure, he said. The company which derives nearly 30% of its revenues from exports said the geopolitical tensions in West Asia have led to elevated freight costs, shipping disruptions and raw material inflation. However, most of the company’s contracts include price variation clauses that help offset rising input costs. While Hitachi Energy plans to hire around 1,000 employees over the next few years, its global capability centre in Chennai is adding nearly 1,000 people annually. The company’s scrip ended at Rs 35,979.95, up 1.04% on the BSE on Tuesday. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Odisha's Chief Minister Mohan Charan Majhi is optimistic that JSW's massive Rs 65,000 crore integrated steel plant near Paradip will be operational by 2029. This mega project marks a significant step in the state's industrialisation. The plant will have an initial capacity of 13.2 MTPA and is expected to create substantial employment and economic opportunities for the people of Odisha. View More

Bhubaneswar/Paradip: Odisha Chief Minister Mohan Charan Majhi on Wednesday said he was optimistic that JSW's Rs 65,000 crore integrated steel plant near Paradip would be operationalised by 2029, and asserted that it would set a milestone in the state's industrialisation process. Majhi attended an event marking the commencement of construction of the 13.2 MTPA integrated steel plant of JSW Utkal Steel Limited at Dhinkia near Paradip in Jagatsinghpur district. It is the same spot where South Korean steel major POSCO had proposed in 2005 to set a 12 MTPA steel facility at an investment of Rs 52,000 crore, but later scrapped the project due to resistance from the locals and raw material linkage issues. Read more: CIL arm BCCL begins commercial operation at coal washery in West Bengal "We are optimistic that the steel plant will be inaugurated in 2029 and set a milestone in Odisha's industrialisation process," Majhi said, while addressing a gathering. Live Events He said the proposed integrated steel plant will have an initial capacity of 13.2 million metric tonnes per annum (MTPA). The investment in the initial phase is estimated to be Rs 65,000 crore, and it is expected to scaled up to Rs 1,00,000 crore in future phases, Majhi said. The project will feature JSW's own 900 MW captive power plant, a specialised cement grinding unit, and a dedicated captive jetty near the Paradip Port to streamline shipping. In an X post, CMO Odisha said, "Hon'ble Chief Minister Shri @MohanMOdisha attended the event marking commencement of construction work for the 13.2 MTPA Integrated Steel Plant of JSW Utkal Steel Limited at Dhinkia near Paradip. The mega industrial project is set to strengthen Odisha's position as a leading manufacturing and investment destination, while creating significant employment and economic opportunities for the people of the state. @InvestInOdisha@PMOIndia." The chief minister also assured JSW Group chairman Sajjan Jindal and the company in the public meeting that the state government will provide all required support for the grounding and operation of the mega project. Read more: India turns net importer of finished steel in April, data shows Odisha's Industries Minister Sampad Chandra Swain, Jatsinghpur MP Bibhu Prasad Tarai, local MLAs, senior state government officials and JSW group officials were present at the event. The then chief minister Naveen Patnaik had laid the foundation stone for the integrated steel plant on February 16, 2024, ahead of the general elections. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

JSW Steel has launched a massive Rs 65,000 crore steel project in Odisha. This 13.2 million tonne per annum integrated steel plant will be developed in phases at Paradeep. The project is strategically located on Odisha's coastline. It will offer strong port connectivity and efficient access to raw materials. This development aims to serve both domestic and international markets. View More

JSW Steel kicks off Rs 65,000 crore, 13.2 MT greenfield steel project in Odisha New Delhi: JSW Steel on Wednesday kick-started its 13.2 million tonne steel project in Odisha, entailing an investment of Rs 65,000 crore. The project is one of the largest investments undertaken by the company, JSW Steel said in an exchange filing. Also Read: ‘Europe will become irrelevant for us’: JSW Steel doubles down on India growth with massive capex plan The integrated steel plant will be developed in phases at Paradeep with a planned capacity of 13.2 million tonnes per annum (MTPA) and an estimated investment of about Rs 65,000 crore in phases. Live Events Spread across nearly 2,950 acres, the project is strategically located on Odisha's coastline, offering strong port connectivity, efficient access to raw materials and robust logistics infrastructure to serve both domestic and international markets. The company held the project commencement ceremony on Wednesday, which was attended by Odisha Chief Minister Mohan Charan Majhi, senior members of the Odisha government and JSW Group officials, the filing said. Also Read: India's steel ministry flags met coke shortage, seeks withdrawal of anti-dumping duty .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Bharat Coking Coal Limited has started commercial operations at its new 2 million tonne per annum Bhojudih coking coal washery in West Bengal. This facility will increase the supply of washed coal to India's steel industry. The move aims to reduce the country's heavy reliance on imported coking coal. View More

New Delhi: CIL arm BCCL on Wednesday announced start of commercial operations at its two million tonne per annum (MTPA) Bhojudih coking coal washery in West Bengal , an initiative aimed at boosting supply of washed coal to the steel sector . Coking coal is a critical raw material used in steel production. The commissioning of the washery comes at a time when India relies heavily on import of coking coal to meet its domestic demand resulting in significant foreign exchange outflow. "The commercial operation of the 2.0 MTPA Bhojudih Coal Washery of Bharat Coking Coal Limited (BCCL), has commenced with effect from 26th May, 2026," the company said in a filing to BSE. Also Read: Coal India dismisses shortage fears; says 168 MT buffer available to meet rising demand Live Events The new facility is a medium-capacity, three-product coking-coal washery with a raw coal washing capability of 2 MTPA (20 lakh tonne per year). "The washery has been constructed under the Build, Operate and Maintain model and is equipped with state-of-the-art technologies such as heavy media cyclone, spiral concentrator and froth flotation for beneficiation of coking coal," the filing said. The washery will facilitate production of washed coking coal for supply to the steel sector. Coal India Limited (CIL) had earlier announced the setting up of eight new coking coal washeries at an estimated capital of Rs 3,300 crore in a bid to improve coal quality and reduce import dependence. Also Read: Coal India arm SECL vows to meet nation's energy needs as power demand hits record high The washeries, with a combined capacity of 21.5 MTPA are expected to be operational by FY2030. The upcoming facilities will be in addition to the 10 coking coal washeries already operated by CIL, which together have a cumulative capacity of 18.35 MTPA. Coal India accounts for 80 per cent of the domestic coal production. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

The National Stock Exchange of India and the Steel Users Federation of India have partnered. This collaboration aims to build a robust derivatives market for steel in India. The initiative will offer steel industry participants a way to manage price risks. This will lead to better price discovery and hedging for the domestic steel value chain. View More

Kolkata: National Stock Exchange of India Limited ( NSE ) has signed a Memorandum of Understanding (MoU) with the Steel Users Federation of India (SUFI) to collaborate on the development and growth of the steel and any other relevant commodity derivatives ecosystem in India. The partnership aims to create a transparent and efficient price-risk management framework for the Indian steel industry participants, enabling them to hedge price volatility through exchange-traded derivatives. The initiative is expected to benefit a wide range of stakeholders including steel manufacturers, processors, MSMEs, OEMs, infrastructure companies, end-users, etc. Also Read: NSE launches Electronic Gold Receipts to formalise India’s gold market; successfully dematerialises 1 kg gold bar Under the MoU, NSE and SUFI will work closely on product design, market outreach, industry consultations, capacity building and awareness initiatives to facilitate the development of the steel and any other relevant Commodity derivatives products in India. India is among the world’s largest producers and consumers of steel, with the commodity widely used across sectors such as automobiles, engineering, infrastructure, capital goods and consumer durables. Live Events The proposed contract is expected to provide an effective hedging mechanism and support improved price discovery for the domestic steel value chain participants. Also Read: Sebi-appointed panel recommends NSE pay $193 million to settle cases, sources say Sriram Krishnan, Chief Business Development Officer (CBDO), NSE, said: “The Indian steel industry has matured significantly and there is a growing need for transparent and efficient risk management tools. Our collaboration with SUFI is an important step towards building credible and liquid derivatives contracts that addresses the hedging requirements of the Indian steel market participants. NSE remains committed to developing innovative commodity derivative products aligned with the evolving needs of the industry.” .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

KEC International has secured new orders totaling Rs 1,303 crore. These orders span across its transmission and distribution, civil, renewable, and cables and conductors businesses. The company received projects in India and international markets. These wins are expected to drive KEC International's future growth. The RPG Group company is a major player in global infrastructure EPC. View More

New Delhi: KEC International has secured orders worth Rs 1,303 crore across business verticals in domestic and international markets. The transmission & distribution (T&D) business has received orders for projects across India and the Americas, the RPG Group company said in an exchange filing on Tuesday. Read more: L&T wins orders from JSW Utkal Steel, IWAI, others The company's civil business has won an order for the construction of a press shop and associated facilities for an automobile factory in Northern India. Live Events The renewable business has got an order for a 150+ MW wind project in Western India from a renowned private developer. The cables & conductors business has bagged various orders in India and the overseas market. MD and CEO Vimal Kejriwal said these strategic wins will play a pivotal role in driving the company's targeted growth going forward. Read more: L&T opens India's largest skill training institute in PM Modi's hometown Vadnagar KEC International is a global infrastructure Engineering, Procurement and Construction (EPC) major, with significant presence in power T&D, civil, transportation, renewables, oil & gas pipelines and cables & conductors. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)