JSW Group explores expansion into copper, aluminium, has engaged consultants, says top executive
Subscribe to enjoy similar stories. The JSW Group, which has the largest steelmaking capacity in India, is exploring entry into making other metals, including copper and aluminium, JSW Steel chief executive officer Jayant Acharya said. The steel-to-auto conglomerate has already engaged consultants to explore the financial feasibility of such an expansion, said Acharya, who is also the company's joint MD.
The plans are in the early stages and no decision has been made, he clarified. "As of now, we have not taken any call on which metal to do or not to do, but we are open to looking at alternate metals," he told Mint during an interview at JSW Group’s expansive headquarters at Mumbai’s Bandra Kurla Complex. “We are looking at it, but it’s too early to comment.
It may be (through) a different entity, it may not be JSW Steel." The growing trend of electrification has increased the demand prospects for several metals, including copper and aluminium, making a case for the conglomerate to look at avenues for diversification, he said. JSW Steel, along with Aditya Birla Group’s Hindalco, was in contention to acquire two copper mines in Jharkhand owned by public sector firm Hindustan Copper, PTI reported in October citing unnamed sources. Acharya reiterated the challenge that Indian steelmakers are facing due to a surge of cheap-priced imports into India and its impact on the steelmakers’ margins.
“The challenge is that the way the margins are getting compressed, the ability to fund is going down. Capex will get moderated, and it will take more time to do any of this (expansion into other metals)," he said. Sajjan Jindal-led JSW Steel has already pruned its capital expenditure (capex) plans for FY25 from ₹20,000 crore to
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