India’s anti-trust watchdog, the Competition Commission of India (CCI), has approved Indian steelmaker JSW Steel Ltd.'s joint venture with Japan's JFE Steel Corp. aimed at expanding crude steel production capacity in the eastern state of Odisha, according to a CCI statement on Wednesday, January 21.
CCI’s approval is for the proposed combination between Bhushan Power and Steel Limited (BSPL), JSW Sambalpur Steel Ltd., JFE Steel Corp. and JSW Kalinga Steel Ltd., according to its statement.
JSW Steel had announced in December that BPSL's integrated steel facility in Odisha will be transferred to a 50:50 joint venture with JFE Steel Corporation
JSW Steel Limited had acquired BSPL in 2021 through the bankruptcy resolution route with the latter operating a 4.5 million mt steel mill in Odisha.
JFE Steel corporation will invest an estimated $1.73 billion in two tranches to pick up its 50 percent equity stake in the proposed joint venture with JSW Steel Limited.
The proposed JV plans to ramp up BSPL’s installed capacity to 10 million mt per year.
