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JSW Steel gets a good deal on JFE joint venture but lenders may be left in limbo
Subscribe to enjoy similar stories. JSW Steel Ltd’s agreement with Japan’s JFE Steel Corp. to form a 50:50 joint venture (JV) for ownership of Bhushan Power & Steel Ltd (BPSL) will not only help it deleverage, but also fund its ongoing capital expenditure.
In turn, JFE will get a stronger foothold in the fast-growing Indian market amid subdued global opportunities. It’s worth noting here that JFE bought about 15% stake in JSW Steel in 2010 for ₹4,800 crore, which is now valued at about ₹42,000 crore. JFE’s sales of ¥3.4 trillion (about ₹2 trillion) for the year ending March 2025 was close to JSW Steel’s ₹1.7 trillion.
However, JFE’s technological advantage cannot be ignored. JSW Steel acquired BPSL in 2021 through bankruptcy proceedings. The acquisition went through a phase of uncertainty with the Supreme Court declaring it illegal in May 2025, citing various lapses, before reversing its decision in September.
BPSL has a steelmaking capacity of 4.5 million tonnes per annum (mtpa), up from 2.75 mtpa at the time of the acquisition. It could potentially be expanded to 10 mtpa and enter into more advanced steelmaking, aided by JFE’s technology. “With clear governance ring-fencing and deeper technology integration from JFE, the JV enhances product capabilities and provides JFE a meaningful India entry, supporting multi-year strategic upside for both partners," noted a JM Financial Institutional Securities report.
The deal involves the transfer of BPSL assets from JSW Steel to the JV JSW Kalinga Steel (through a step-down subsidiary) for ₹53,100 crore. JSW Kalinga will pay this by raising ₹15,750 crore as equity from JFE for a 50% share. An equal amount for JSW Steel’s stake in the JV will be booked as a non-cash transaction.
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