The board of JSW Steel at its meeting held on 17 April 2026, has approved entering into a Share Subscription and Joint Venture Agreement, with POSCO Co., and POSCO India (together referred to as “POSCO Group”) through which Saffron Resources (Saffron), a wholly owned subsidiary of the Company would become a 50:50 Joint Venture between the Company and POSCO Group.

The proposed joint venture would set up a greenfield 6 MTPA integrated steel plant at Odisha. Saffron possesses 887 acres of land in Odisha (~595 acres freehold land; ~292 acres leasehold land), which may be used to set up the proposed plant.