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HomeMarket NewsJSW Steel announces ₹15,750 crore JV with JFE Steel for Bhushan Power & Steel; Stock tanks
The JSW Steel-JFE Steel Joint Venture intends to expand crude steel production at BPSL's steelworks to 10 million tonnes by 2030. The land, to accommodate the said expansion plan, is already present with the company.
Shares of JSW Steel Ltd. fell as much as 4% on Wednesday, December 3, after announcing a Joint venture with Japanese JFE Steel to transfer the integrated steel facility of Bhushan Power and Steel in Odisha, to a 50:50 Joint Venture (JV) between the two companies.
JFE will invest nearly 270 billion Japanese Yen or ₹15,750 crore for this Joint Venture, according to the JFE Steel statement.
The Joint Venture intends to expand crude steel production at BPSL's steelworks to 10 million tonnes by 2030. The land, to accommodate the said expansion plan, is already present with the company.
Bhushan Power and Steel owns an iron ore mine and integrated steelworks in Eastern India, with the crude steel production capacity of 4.5 million tonnes per year. It produces steel coils and sheets, bars, and wire rods and is a cost-competitive steel company with a wide sales network primarily in eastern and northern India.
"Furthermore, by bringing JFE’s technological strengths to and combining it with JSW’s operational excellence, the companies will be able to expand the production of high value-added products and improve productivity," the JFE Steel statement said.
Shares of JSW Steel are currently trading 3% lower after the announcement, at ₹1,127.6. The stock is up 25% so far in 2025.
