JSW Steel Limited and JFE Steel Corporation have announced a significant development in their joint venture for the steel business of Bhushan Power and Steel Limited. JFE Steel Corporation has invested ₹7,875 crores as the first tranche of its investment in JSW Kalinga Steel Limited. This investment has resulted in the allotment of 2,26,94,524 equity shares to JFE, giving the Japanese corporation a 25% shareholding on a fully diluted basis in JSW Kalinga.
The investment marks a crucial step in the joint venture agreement between JSW Steel and JFE Steel, which was initially outlined in their agreement dated December 3, 2025. With this equity allotment, both companies have established joint control over JSW Kalinga and its wholly owned subsidiary, JSW Sambalpur Steel Limited.
The joint venture aims to enhance the operational capabilities and market reach of the steel business. The next phase of the agreement involves JFE acquiring an additional 25% stake in JSW Kalinga for another ₹7,875 crores, as stipulated in the Joint Venture Agreement.
This update follows previous communications from JSW Steel, including letters dated December 3, 2025, and March 27, 2026. The details of this transaction will also be available on the company’s official website, adhering to the regulatory requirements.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).