Steel Tech Hub To Be Set Up At IIT Bombay
In order to set up a technology hub for steel manufacturing in the country, JSW Group has signed an agreement with Indian Institute of Technology-Bombay (IIT Bombay). This hub is being set up with the objective of rapidly expanding production of quality steel, while maintaining carbon emissions within the target levels.
The partnership with IIT Bombay will also help the conglomerate increase its R&D efforts in the steel sector that would be beneficial for JSW Steel, its flagship business firm.
“Our strategic partnership with IIT Bombay is a one-of-its kind industry-academia collaboration for advancement of research in steel manufacturing. This powerful combination will jointly leverage IIT Bombay’s knowledge-rich faculties and JSW’s technical capabilities to develop novel industrial applications for steel manufacturing with focus on low carbon emissions. This partnership will also initiate new academic courses, while consolidating existing courses. We will also provide academic and technical leadership in broad areas of research while working towards increasing steel consumption in the country,” JSW Foundation chairperson Sangita Jindal said.
JSW Foundation is JSW Group’s social development arm. The hub will be based within the Centre of Excellence in Steel Technology (CoEST) at IIT-Bombay. It will provide financial and technical support to build the hub, which is expected to be completed by FY28. The hub will develop patented industrial applications and solutions, which would be operationalised or commercialised by the group. IIT Bombay will also set up Sajjan Jindal Steel Professor Chair to enable focused training and research on new and emerging technologies in steel manufacturing.
JSW Group’s strategic partnership with IIT Bombay is a progressive step on our ongoing journey to be future-ready and equip ourselves to continue delivering sustained value to all our stakeholders, JSW Steel joint MD and group CFO Seshagiri Rao said.
As of October 2021, India was the world’s second-largest producer of crude steel, with an output of 9.8 MT. In FY22 (till January), the production of crude steel and finished steel stood at 98.39 MT and 92.82 MT, respectively. In FY22, crude steel production in India is estimated to increase by 18 per cent, to reach 120 million tonnes, driven by rising demand from customers. The growth in the Indian steel sector has been driven by the domestic availability of raw materials such as iron ore and cost-effective labour. Consequently, the steel sector has been a major contributor to India's manufacturing output.
The Indian steel industry is modern, with state-of-the-art steel mills. It has always strived for continuous modernisation of older plants and up-gradation to higher energy efficiency levels. The steel industry and its associated mining and metallurgy sectors have seen major investments and developments in the recent past.
According to the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), between April 2000-December 2021, Indian metallurgical industries attracted FDI inflows of USD 16.1 billion. In FY22, demand for steel is expected to increase by 17 per cent to 110 million tonnes, driven by rising construction activities.
Some Of The Major Investments In The Indian Steel Industry Are As Follows
In October 2021, Tata Steel was planning to set up more scrap-based facilities that will have a capacity of at least a billion tonnes by 2025. JSW Steel invested INR 150 billion (USD 19.9 million) to build a steel plant in Jammu and Kashmir and boost manufacturing in the region.
ArcelorMittal and Nippon Steel Corp.'s joint venture steel firm in India, announced a plan to expand its operations in the country by investing INR 1 trillion (USD 13.34 billion) over 10 years. In August 2021, Tata Steel announced to invest INR 8,000 crore (USD 1.08 billion) in capital expenditure to develop operations in India in FY22.
