JSW Group exploring possibilities to acquire coal mines in offshore markets

Industry sources said that the domestic company JSW Group is exploring the possibilities of acquiring coke mines in overseas markets.

They said the steel-to-infrastructure group is exploring mineral assets in countries such as Australia, Mozambique and others.

The sources said, “JSW Group is exploring the possibilities of acquiring coke coal mines in overseas markets such as Mozambique, Australia and others for special purposes.”

They explained that the captive coke mines will help the group company JSW Steel reduce its production cost for steel manufacturing.

When contacted, a spokesperson for the JSW group declined to comment.

JSW Steel manufactures steel through a blast furnace path, a process that requires coke as the main raw material.

With no coke available, India still relies on imports to meet 85 percent of its coke needs from countries as far away as Australia, South Africa, Canada and the United States.

Specifically, JSW Steel meets 60 percent of the coke requirement by imports. JSW Steel is among the six largest steel manufacturers in India.

(Only the title and image for this report may have been reworked by the Business Standard team; the rest of the content is generated automatically from a shared feed.)

First published: May 28, 2023 | 2:44 p.m ist