JSW Group aims to surpass 50 million tonnes in steel capacity by 2030

JSW Group Chairman Sajjan Jindal, in an exclusive interview with CNBC-TV18 from the sidelines of EY's World Entrepreneur Of The Year event in Monte Carlo where he is representing India among 49 other leaders from across the world and sectors. discussed the group's expansion plans in response to the increasing demand for steel and the group's goals in the paints industry,

As the Chairman of JSW Group, a prominent player in the infrastructure sector, Jindal emphasised the close connection between the group's growth and India's overall development. "We as a group are in the infrastructure space, and it is closely connected with the growth of the country," he stated. Jindal further elaborated on the group's positive outlook, stating, "So as India grows, we will grow faster because we have to meet the needs of a growing India. So therefore, I am very optimistic that in the next seven to ten years, as the country gets close to the $10 trillion mark, we will also be up there, matching India's growth or even exceeding it."

Jindal added that the government has projected that India would need close to 250 million tonnes of steel in the next seven years from 120 million tonnes last year. “Therefore, we, being the leading steel company in India, just to keep our market share, at least will have to double our growth, double our capacity from today,” he said.

Currently, JSW Group has a steel capacity of 28 million tonnes. However, the aim is to surpass 50 million tonnes by 2030. According to Jindal, “The thumb rule in the steel industry is that for every million tonnes, you have to invest at least $1 billion, if not more. So, therefore, we are talking about close to $25 billion in the next seven years."

Along with the expansion in steel, Jindal also shared that the group is in talks about building two more new paint plants in India. JSW Paints is the group’s first consumer-facing business and has been doing better than expected.

Jindal highlighted that the paint business is a natural fit for the group, as JSW Paints uses waste from cement and power plants, aligning with the group's green initiatives. The expansion in the paints business will primarily be through greenfield expansions.

JSW Group aims to capture a 10 percent market share in the paints industry by 2026.