JSW Steel Joins Hands With New Zealand's National Steel To Set Up Scrap Shredding Facilities In India

JSW Steel Limited on Friday (19 August) announced that it has entered into a joint venture agreement with New Zealand based National Steel Holdings Limited (NSHL) for setting up scrap shredding facilities in India.

"JSW Steel Limited has entered into a joint venture agreement with National Steel Holdings Limited on August 18, 2022 for the purposes of establishing scrap shredding facilities in India using industry leading machinery, technical know-how and relevant processes in a suitable manner," the company said in a regulatory filing.

This is in furtherance of the company's endeavour to reduce its carbon footprint by setting a target of achieving 42 per cent reduction in CO2 emissions intensity by FY 2030, from the base year of 2005, it added.

NSHL is engaged in the business of metal recycling, collection and processing based in Auckland, New Zealand and has the relevant expertise and technical know-how in relation to end-to-end metal processing and recycling, the company said.

Both, JSW Steel and NSHL will hold 50 per cent stake each in the join venture firm and the board of directors of the JV will consist of four members.