JSW Steel is looking to sell up to 50% stake in Bhushan Power & Steel, sources told CNBC-TV18 on November 11.
Japan’s JFE Steel is frontrunner to pick up the stake, the channel reported.
"Strategy includes evaluating various opportunities, both organic and inorganic. We would not like to comment on speculation," JSW Steel told CNBC-TV18.
The deal, valued at approximately Rs 15,000-16,000 crore, is expected to be finalised by December. This move follows the Supreme Court's clearance of Bhushan Power's resolution plan, reported Economic times on November 12.
JFE Steel held a 15% stake in JSW Steel at the end of the September quarter.
At 10:35 am on November 12, JSW Steel shares were trading 0.6% lower at Rs 1,1185 apiece.
In October 2024, JSW Steel announced that it would acquire a 100% stake in thyssenkrupp Electrical Steel India Private Limited (tkES India) jointly with Japan’s JFE Steel Corporation for Rs 4,051 crore.
In August this year, JSW Steel and JFE Steel Corporation announced expansion of its manufacturing capacity for grain-oriented electrical steel at a cost of Rs 5,845 crore.
In its judgment dated September 26, 2025, Supreme court upheld the National Company Law Appellate Tribunal order of 2020 approving JSW Steel’s resolution plan for BPSL, dismissing the appeals filed by the erstwhile promoters and certain operational creditors.
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