On February 16, 2024, Indian steel producer JSW Steel announced that it will invest Rs 650 billion to build a new steel plant in the Paradip region of Odisha, eastern India, which will have a capacity of 13.2 million tons per annum.

Previously, JSW Steel and Japan's JFE Steel Corporation established a joint venture and planned to spend Rs 55 billion to establish a steel plant in Karnataka, India, to meet the country's growing demand for electrical steel. The plant was expected to start operation in the 2026-27 fiscal year.

Currently, JSW Steel has a steel production capacity of 29.7 million tons, which it plans to increase to 38.5 million tons by 2024 to meet the growing market demand. JSW Steel also has iron ore reserves of up to 1.1 billion tons in Odisha. JSW Steel is also considering acquiring foreign assets in Canada and Australia to increase the production of iron ore and coking coal.