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.

After bidding aggressively for iron ore and coal mines, Sajjan Jindal-led JSW Steel is now spending money to surrender them. One of the largest steel producing company, JSW Steel has written off ₹445 crore to surrender a coal and iron ore mine this quarter.

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India's JSW Steel reported a bigger-than-expected drop in third-quarter profit on Friday as lower prices and tepid demand continued to hurt the country's top steelmaker.

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.

The steelmaker reported a 70% YoY decline in net profit to Rs 717 crore for Q3 FY2024, with a 1% drop in revenue to Rs 41,378 crore. Despite higher volumes and lower coking coal costs, weaker steel realizations impacted performance.

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