JSW Steel and JFE Steel form joint venture for BPSL steel business

JSW Steel Ltd. has entered a strategic joint venture with JFE Steel Corporation, Japan, to transfer the steel business undertaking of Bhushan Power and Steel Limited (BPSL), a JSW subsidiary. This will occur via a slump sale for a cash consideration of ₹24,483 crore. JFE will invest a total of ₹15,750 crore in two tranches for a 50% stake in the joint venture.

The transaction, announced on December 3, 2025, aims to accelerate JSW's growth, contributing to its target of achieving a steel-making capacity of 50 MTPA in India by FY 2031. JSW acquired BPSL in 2021 and successfully turned around the unit, increasing its capacity from 2.75 MTPA to 4.5 MTPA.

jayant acharya, joint managing director and CEO of JSW Steel Ltd., highlighted that JFE has been a trusted partner since 2009, bringing technological expertise to enhance the joint venture's ability to produce value-added steels. masayuki hirose, president and CEO of JFE Steel Corporation, emphasized that this new phase of their relationship will contribute to the growth of both companies and the Indian steel industry.