JSW Steel picks up 100% stake in Saffron Resources

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Metals major JSW Steel announced on Friday that its board has approved the acquisition of up to 100% equity in Saffron Resources Pvt Ltd, a company that owns 887 acres of land in Odisha.

In an exchange filing, JSW informed that the acquisition is part of the metals company's strategy to secure strategic land assets, for around Rs 680 crore.

Later, in an earnings call, the company also said that its expansion plan will not be impacted by the Supreme Court order to set aside the acquisition of Bhushan Steel and Power Ltd (BSPL) through the insolvency process.

PTI reported JSW Steel Joint MD and CEO Jayant Acharya as saying in an earnings call that BPSL was not part of the brownfield expansion that the steel company took into account while setting the 50 million tonnes capacity target by 2030-31.

"In our 50 MT tonne outlook (expansion) that we have given up to 2030-31, BPSL was not part of the brownfield expansion that which we have taken into account. So therefore, it will not impact our target which we have given," Acharya said, in an earnings call, said while replying to a question if the acquisition of BPSL asset going into legalities will affect JSW Steel's expansion plans.

He also said that the company has filed a review in Supreme Court for BPSL case and believes there is a strong ground for the same.

"For that 0.5 MnT (expansion) we will take a view. That is the only one (expansion) basically to be decided (after the SC decision on BPSL)," Acharya said.

(With PTI inputs)