The announcement was made to the National Stock Exchange of India and BSE Limited in accordance with the regulations of the Securities and Exchange Board of India (SEBI).
As part of the investment, shares exceeding 226.9 million in JSW Kalinga were allotted to JFE Steel on March 30, 2026. With this allotment, JFE’s stake in the company reached 25% on a fully diluted basis, completing the first tranche of the planned investment.
Following the share allotment and board restructuring carried out in line with the joint venture agreement dated December 3, 2025, JSW Steel and JFE Steel now hold joint control over JSW Kalinga Steel Limited and its subsidiary, JSW Sambalpur Steel Limited.
According to the joint venture agreement, JFE Steel is planned to increase its stake in JSW Kalinga by an additional 25%. The second investment tranche is also expected to be 7,875 crore, after which the targeted ownership structure is anticipated to be completed.
This partnership aims to enhance technology utilization and operational efficiency within the Bhushan Power and Steel assets. Through the collaboration, JSW Steel’s strength in the local market is expected to be complemented by JFE Steel’s advanced production technologies, thereby increasing global competitiveness.
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