JSW Steel and JFE Steel Form 50:50 Joint Venture for Bhushan Power and Steel Business
JSW Steel and Japan’s JFE Steel have entered into a 50:50 joint venture to take over the steel business of Bhushan Power and Steel Limited. The deal involves a slump sale to JSW Sambalpur and awaits regulatory approvals.
Mumbai, December 3, 2025 — JSW Steel Limited has officially entered into a strategic 50:50 joint venture with Japan’s JFE Steel Corporation to take forward the steel business of Bhushan Power and Steel Limited (BPSL). The development follows the approval given earlier today by the Board of Directors of JSW Steel.
According to the company’s regulatory filing, JSW Steel and JFE Steel have signed a Joint Venture Agreement to operationalise the partnership. This collaboration aims to strengthen technological capabilities, expand product offerings, and enhance operational efficiencies at the BPSL steel business undertaking.
In addition, JSW Steel has entered into a Business Transfer Agreement with JSW Sambalpur for the transfer of BPSL’s steel business to JSW Sambalpur through a slump sale on a going concern basis. The relevant entities have also executed a share subscription agreement along with other related documents to complete the transaction structure.
The deal will require multiple approvals, including those from shareholders, regulators, and the Competition Commission of India. Once completed, the joint venture is expected to play a major role in JSW Steel’s long-term growth strategy and reinforce its partnership with JFE Steel.
The company stated that the disclosure has also been made available on its official website.