JFE Steel, Japan's second largest steelmaker, has decided to establish a joint venture with India's JSW Steel by the end of this year for the production of electrical steel sheets used in power plant transformers.
JFE Steel said that the company aims to increase its growth rate in the Indian market by supplying special steel products.
Due to the rapidly increasing energy demand in India, JFE Steel announced last year that it will conduct a feasibility study for a joint venture with JSW Steel, in which JFE Steel will hold a 15% stake.
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