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 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.

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.

Sajjan Jindal’s JSW group on Monday announced its entry into the copper business, with the winning of a Mine Operator and Developer (MDO) contract for two mining blocks in Jharkhand. The group said it will invest Rs 2,600 crore in the business.

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.

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