Update on 50:50 Joint venture between JSW Steel Limited and JFE SteelCorporation, Japan for the Steel Business of Bhushan Power and Steel Limited
JSWSTEEL · price
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JFE Steel Corporation of Japan has invested Rs. 7,875 crores as the first tranche for a 25% stake in JSW Kalinga Steel Limited, the entity holding the steel business of Bhushan Power and Steel. In return, 2.26 crore equity shares of JSW Kalinga were allotted to JFE on March 30, 2026. Following this allotment and board changes, JSW Steel and JFE have jointly taken control of JSW Kalinga and its wholly owned subsidiary JSW Sambalpur Steel Limited. JFE will acquire another 25% stake for an additional Rs. 7,875 crores in line with the JV agreement signed on December 3, 2025, taking total investment to Rs. 15,750 crores for a 50% stake.
This landmark JV with a global steel major brings in significant foreign capital and technical expertise, strengthening JSW Steel's capacity expansion without stretching its own balance sheet. The Bhushan Power & Steel assets gain a marquee global partner, which is positive for shareholders but dilutes JSW Steel's eventual share in those assets.