-- JSW Steel (NSE:JSWSTEEL, BOM:500228) approved a share subscription and joint venture agreement with South Korea's POSCO Group, under which its wholly owned subsidiary Saffron Resources will become a 50:50 joint venture, according to a Friday filing on Indian bourses.
Shares of the company rose over 1% in Monday's trade.
The proposed joint venture plans to set up a greenfield 6 million tons per annum (MTPA) integrated steel plant in Odisha, India. The plant is expected to be built on about 887 acres of land held by Saffron, the filing said.
POSCO Group will subscribe to Saffron shares for about 5.09 billion Indian rupees, subject to adjustments, according to the filing. The deal is expected to complete by Dec. 31.