CCI Approves JSW–JFE Joint Venture Structure Involving Bhushan Power & Steel Business Transfer
The deal includes the transfer of BPSL’s steel business undertaking to JSW Sambalpur through a slump sale, followed by JFE Steel acquiring a 50% direct shareholding in JSW Kalinga. This results in JFE indirectly holding 50% in JSW Sambalpur. After completion, JSW Kalinga, and by extension JSW Sambalpur, will operate as a 50:50 joint venture between JFE and JSW Steel Ltd.
JFE is part of the Japan-based JFE Group, which operates across steel, engineering, and trading businesses. JSW Kalinga is currently a wholly-owned subsidiary of Piombino Steel Limited, a JSW Steel subsidiary, and has not yet commenced commercial operations. JSW Sambalpur, also a wholly-owned subsidiary of JSW Kalinga, will own the transferred steel business and is yet to begin commercial operations.
The target business is currently owned by BPSL, a public steel manufacturer with integrated production and downstream processing capabilities. BPSL is an indirect subsidiary of JSW Steel through Piombino Steel Limited.
Published on:
21 January 2026
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