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Billionaire Sajjan Jindal-led JSW Steel has formed a joint venture with Japan's JFE Steel Corporation to invest Rs 5500 crore for setting up a plant to manufacture grain-oriented electrical steel in India, JSW said in a statement on Tuesday.

The factory to be built in Karnataka is expected to start production in 2026-2027 financial year.

Grain-oriented electrical steel is a key component used in the manufacture of a variety of transformers.

Electric steel is a high-end product that possesses magnetic properties, and is used to make electric equipment,

“This collaboration is a milestone development, as it will be the first company to have end-to-end manufacturing of grain-oriented electrical steel products in India. The JV company aspires to cater to the surging domestic demand for grain-oriented electrical steel and contribute significantly to the country's energy infrastructure," JSW said in an exchange filing