Link: https://links.sgx.com/1.0.0/corporate-announcements/O909EWCUYYXYUUIH/1999f49189a41651bd1f160ffef021f97f152c6a273e8bbb9cf817c4d7bdc2d9

Summary:

• JSW Steel has formed a 50:50 joint venture with JFE Steel Corporation to transfer the Bhushan Power and Steel Limited steel business undertaking in a slump sale valued at ₹24,483 crore cash consideration

• JFE Steel will invest ₹15,750 crore in two tranches to acquire its 50% stake in the joint venture, which operates a 4.5 million tonne per annum integrated steel plant

• The transaction strengthens JSW's balance sheet as it pursues its ambitious target of 50 million tonnes per annum steelmaking capacity in India by FY 2031

• JSW acquired BPSL through the insolvency process in 2021 and successfully turned around the loss-making 2.75 mtpa unit into a profitable 4.5 mtpa operation employing 25,000 people

• The partnership deepens a 16-year strategic alliance between JSW and JFE that began in 2009, combining JSW's operational excellence in India with JFE's advanced steel manufacturing technology

• JFE Steel, formed through the 2003 merger of NKK Corporation and Kawasaki Steel, reported consolidated sales of ¥3,365 billion and crude steel output of 23.20 million tons in fiscal year 2025