"Jayaswal Neco inks deal for a 2 MTPA integrated steel plant in Maharashtra, signaling a major capacity expansion."

Jayaswal Neco Industries Ltd has signed a memorandum of understanding (MoU) with the Government of Maharashtra to set up a two-million-tonne-per-annum integrated steel plant in Gadchiroli district, the company said.

The MoU was signed on January 22, 2026, on the sidelines of the World Economic Forum in Davos, Switzerland. The proposed project entails an investment of ₹12,262 crore and is expected to generate direct employment for around 2,600 people.

The company said the project aligns with its commitment to expanding India’s steel production capacity and contributing to industrial development in its home state of Maharashtra. Under the agreement, the Maharashtra government will facilitate the company in obtaining necessary permissions, registrations, approvals, clearances and fiscal incentives from relevant state departments in accordance with prevailing policies and regulations.