+
CCI Clears JSW–JFE Deal Involving Bhushan Power Steel Business
Steel

CCI Clears JSW–JFE Deal Involving Bhushan Power Steel Business

The Competition Commission of India (CCI) has approved the proposed combination involving Bhushan Power and Steel (BPSL), JSW Sambalpur Steel, JFE Steel Corporation and JSW Kalinga Steel, clearing a key step in the restructuring and ownership realignment of the steel assets.

The approved transaction involves the transfer of BPSL’s steel business undertaking to JSW Sambalpur Steel through a slump sale. In addition, JFE Steel Corporation will acquire a 50 per cent direct equity stake in JSW Kalinga Steel. This acquisition will result in JFE indirectly holding a 50 per cent shareholding in JSW Sambalpur Steel. Following the completion of the transaction, JSW Kalinga, and indirectly JSW Sambalpur, will be operated as a 50:50 joint venture between JFE and JSW Steel.

JFE Steel Corporation is part of the Japan-based JFE Group, which has three main operating companies: JFE Steel for steel manufacturing, JFE Engineering Corporation for engineering operations, and JFE Shoji Corporation for trading activities. The group has a global presence across steel, infrastructure and related sectors.

JSW Kalinga Steel is a wholly owned subsidiary of Piombino Steel, which in turn is a subsidiary of JSW Steel. JSW Kalinga is yet to commence commercial operations. JSW Sambalpur Steel, currently a wholly owned subsidiary of JSW Kalinga, has also not started commercial operations and will own the transferred steel business undertaking following the transaction.

The steel business being transferred is presently owned by Bhushan Power and Steel, a public limited company engaged in integrated steel manufacturing, including downstream processing of finished steel products. As of now, BPSL is an indirect subsidiary of JSW Steel, held through Piombino Steel.

After reviewing the proposed combination, the CCI concluded that the transaction is not likely to have an appreciable adverse effect on competition in the relevant markets in India and granted its approval. The detailed order of the Commission will be issued separately


The Competition Commission of India (CCI) has approved the proposed combination involving Bhushan Power and Steel (BPSL), JSW Sambalpur Steel, JFE Steel Corporation and JSW Kalinga Steel, clearing a key step in the restructuring and ownership realignment of the steel assets.The approved transaction involves the transfer of BPSL’s steel business undertaking to JSW Sambalpur Steel through a slump sale. In addition, JFE Steel Corporation will acquire a 50 per cent direct equity stake in JSW Kalinga Steel. This acquisition will result in JFE indirectly holding a 50 per cent shareholding in JSW Sambalpur Steel. Following the completion of the transaction, JSW Kalinga, and indirectly JSW Sambalpur, will be operated as a 50:50 joint venture between JFE and JSW Steel.JFE Steel Corporation is part of the Japan-based JFE Group, which has three main operating companies: JFE Steel for steel manufacturing, JFE Engineering Corporation for engineering operations, and JFE Shoji Corporation for trading activities. The group has a global presence across steel, infrastructure and related sectors.JSW Kalinga Steel is a wholly owned subsidiary of Piombino Steel, which in turn is a subsidiary of JSW Steel. JSW Kalinga is yet to commence commercial operations. JSW Sambalpur Steel, currently a wholly owned subsidiary of JSW Kalinga, has also not started commercial operations and will own the transferred steel business undertaking following the transaction.The steel business being transferred is presently owned by Bhushan Power and Steel, a public limited company engaged in integrated steel manufacturing, including downstream processing of finished steel products. As of now, BPSL is an indirect subsidiary of JSW Steel, held through Piombino Steel.After reviewing the proposed combination, the CCI concluded that the transaction is not likely to have an appreciable adverse effect on competition in the relevant markets in India and granted its approval. The detailed order of the Commission will be issued separately

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code