JFE Steel Corporation of Japan will invest Rs 15,750 crore to form a joint venture with Sajjan Jindal-led JSW Steel, according to a regulatory filing.
The joint venture (JV) will include JSW Steel’s arm Bhushan Power & Steel Ltd’s (BPSL) integrated steel plant, situated in Odisha.
In a BSE filing, JSW Steel said it has “entered into a strategic joint venture partnership with JFE Steel Corporation, Japan (JFE).
The steel business undertaking of Bhushan Power and Steel Ltd (BPSL) will be transferred to a 50:50 joint venture with JFE through a slump sale, with a cash consideration of Rs 24,483 crore.
JFE will invest Rs 15,750 crore in two tranches to acquire a 50 per cent stake in the joint venture, it added.
JSW Steel had acquired BPSL in 2021 through Insolvency and Bankruptcy Code (IBC) process and successfully transformed it from a 2.75 2.75 million tonnes per annum (MTPA) distressed unit into a profitable company with an expanded capacity of 4.5 MTP, currently employing 25,000 ..​JFE Steel Corporation of Japan will invest Rs 15,750 crore to form a joint venture with Sajjan Jindal-led JSW Steel, according to a regulatory filing.
The joint venture (JV) will include JSW Steel’s arm Bhushan Power & Steel Ltd’s (BPSL) integrated steel plant, situated in Odisha.
In a BSE filing, JSW Steel said it has “entered into a strategic joint venture partnership with JFE Steel Corporation, Japan (JFE).
The steel business undertaking of Bhushan Power and Steel Ltd (BPSL) will be transferred to a 50:50 joint venture with JFE through a slump sale, with a cash consideration of Rs 24,483 crore.
JFE will invest Rs 15,750 crore in two tranches to acquire a 50 per cent stake in the joint venture, it added.
JSW Steel had acquired BPSL in 2021 through Insolvency and Bankruptcy Code (IBC) process and successfully transformed it from a 2.75 2.75 million tonnes per annum (MTPA) distressed unit into a profitable company with an expanded capacity of 4.5 MTP, currently employing 25,000 .. ​Latest News [ SOBAN NEWS: International and National ]
