CCI Clears JSW–JFE Deal Involving Bhushan Power Steel Business

23 Jan 2026 CW Team

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

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