The Competition Commission of India (CCI) has approved the proposed combination involving Bhushan Power and Steel Limited (BPSL), JSW Sambalpur Steel Limited, JFE Steel Corporation and JSW Kalinga Steel Limited.
Under the approved structure, the steel business undertaking of Bhushan Power and Steel Limited will be transferred to JSW Sambalpur Steel Limited through a slump sale. As part of the transaction, Japan-based JFE Steel Corporation will acquire a 50 per cent direct shareholding in JSW Kalinga Steel Limited, resulting in an indirect acquisition of a 50 per cent stake in JSW Sambalpur Steel Limited.
Post-transaction, JSW Kalinga Steel Limited and, indirectly, JSW Sambalpur Steel Limited will operate as a 50:50 joint venture between JFE Steel Corporation and JSW Steel Limited.
JFE Steel Corporation is a key entity of the Japan-based JFE Group, which operates across steel manufacturing, engineering solutions and trading through its major subsidiaries—JFE Steel, JFE Engineering Corporation and JFE Shoji Corporation.
JSW Kalinga Steel Limited is a wholly owned subsidiary of Piombino Steel Limited, which in turn is a subsidiary of JSW Steel Limited. Both JSW Kalinga Steel Limited and JSW Sambalpur Steel Limited are yet to commence commercial operations. Following completion of the transaction, JSW Sambalpur Steel Limited will own and operate the transferred steel business undertaking.
Currently, the steel business undertaking is owned by Bhushan Power and Steel Limited, an integrated steel manufacturer engaged in the production and downstream processing of finished steel products. BPSL is an indirect subsidiary of JSW Steel Limited through Piombino Steel Limited.
The CCI’s approval paves the way for the proposed restructuring and joint venture arrangement, ensuring compliance with India’s competition regulations.
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