JSW Plans $1.45 Billion Copper Smelter in India to Meet Soaring Demand
India’s JSW Group is preparing to establish a major copper smelter in the eastern state of Odisha, aiming for an initial capacity of 500,000 metric tons by 2028/29, with plans to double output to 1 million metric tons by 2033/34, a source familiar with the matter told Reuters. The facility is expected to be fed with copper concentrate from Chile, Peru, and domestic supplier Hindustan Copper.
The investment for the Odisha smelter is estimated at approximately 120 billion rupees ($1.45 billion). The initiative is part of JSW’s broader move into the copper sector, following its January announcement of a 26-billion-rupee ($301 million) investment to operate two copper mines from Hindustan Copper for 20 years, with an option to extend.
JSW’s entry intensifies competition in India's copper industry, where it will rival the Adani Group, which is developing a $1.2 billion copper smelter in Gujarat—billed as the world’s largest single-location facility of its kind.
The Odisha smelter will support JSW’s growing presence in electric vehicles and battery production, with copper being a critical material in both sectors. To secure raw materials, Pankaj Kumar, head of JSW’s copper business, is expected to visit Chile in early April for discussions with concentrate suppliers.
India currently produces around 555,000 metric tons of refined copper annually, but domestic consumption exceeds 750,000 metric tons, leaving a significant supply gap filled through imports. The closure of Vedanta’s Sterlite Copper plant in 2018, which had produced about 400,000 metric tons annually, has exacerbated the shortfall.
Copper is among 30 minerals designated as critical by the Indian government in 2023, underscoring its importance in the country’s transition to clean energy and electric mobility. Industry estimates suggest copper demand in India could double by 2030, driven by infrastructure development and green energy goals.
