Sajjan Jindal-led JSW Steel and JFE Steel Corp of Japan are considering investing in each other as part of a strategic tie-up for making automotive steel for the Indian market. “The option of mutual shareholding is part of our larger discussion, which will evolve over time,” JSW Steel vice-chairman and managing director Sajjan Jindal told reporters here while announcing the tie-up. However, he declined to elaborate further on the deal.

JFE Steel Corp chief executive officer Hajime Bada said his company is considering various options of investing in India but nothing has been finalised as yet. “We are exploring the possibility of many activities. We haven’t come up with the exact number of investment (into India). We will have to come back (to you) later on that,” Bada said. Under the agreement, the two companies will work together to produce auto-grade steel for the Indian market as well as procure raw materials in India and overseas.