India's steel-to-power conglomerate JSW Group will invest 26 billion rupees ($301.2 million) to set up operations at two copper mines, the company said on Monday, foraying into mining non-ferrous metals as steel prices fall.

JSW Group announced on Monday (27 January) that it will invest Rs 2,600 crore to develop and operate two copper mines and establish a copper concentrator plant in Jharkhand. This move marks the group’s entry into the copper business, reflecting its ongoing commitment to diversification and growth, reported The Economic Times.

JSW Group secured the contract via a competitive bidding process for a 20-year term, with the possibility of a ten-year extension.

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JSW Group has a won a bid to secure two copper mining blocks in the eastern Indian state of Jharkhand from state-owned Hindustan Copper Ltd., expanding its business into mining of non-ferrous metals.

With its headquarters in Mumbai, JSW Group has a significant presence across steel, energy, cement, infrastructure, paints, automobiles, defence, mining, venture capital and sports.

JSW Group invests Rs 2,600 crore in copper mining to support India's industrial growth and reduce import dependency.

Expanding into the non-ferrous metals sector, the JSW Group announced today that it has secured the Mine Operator & Developer (MDO) contract for two copper mines in Jharkhand from state-owned Hindustan Copper Limited (HCL).

India's steel-to-power conglomerate JSW Group will invest 26 billion rupees ($301.2 million) to set up operations at two copper mines as it forays into mining non-ferrous metals, the company said on Monday.

The group has won two blocks of copper mines in the eastern mineral-rich state of Jharkhand from Hindustan Copper.

The development marks JSW Group's foray into the copper business as part of its commitment to diversification and growth.