Sajjan Jindal-led JSW Steel Ltd announced on Friday, May 8, that it has been declared the “preferred bidder” for Pissurlem Mineral Block No. XV in Goa, following an auction conducted on May 7, 2026.
The company received confirmation from the Office of the Director, Directorate of Mines and Geology, Government of Goa, affirming its status as the preferred bidder with the highest final offer price at 118.10% of the value of mineral dispatched.
The mineral block contains an estimated iron ore resource of 96 million tonnes. JSW Steel stated that it will undertake all necessary actions as outlined in the tender document to secure the Letter of Intent and required statutory clearances.
Last month, JSW Steel revealed it had entered into a share subscription and joint venture agreement with South Korea’s POSCO Group to establish a 50:50 joint venture, which is a significant step towards developing a six million tonnes per annum (MTPA) integrated steel plant in Odisha, according to an exchange filing.
The company mentioned that its wholly-owned subsidiary, Saffron Resources Pvt Ltd, will be transformed into an equal joint venture between JSW Steel and POSCO Group following the agreement. The pact has been executed by both partners along with Saffron Resources.
The proposed transaction is subject to regulatory approvals, including clearance from the Competition Commission of India (CCI), and other customary conditions.
Additionally, the companies announced that the joint venture will focus on developing a greenfield integrated steel plant with a capacity of 6 MTPA in Odisha. This project will encompass steelmaking, hot rolling, and downstream processing facilities, producing high-grade flat steel products for automotive and other applications.
This partnership builds on previous agreements signed between the two companies in 2024 and 2025, aiming to leverage POSCO’s technological expertise alongside JSW Steel’s execution capabilities. The project is anticipated to commence operations by 2031.
Shares of JSW Steel Ltd concluded at ₹1,275.00, down by ₹8.30, or 0.65%, on the BSE.
