The Competition Commission of India (CCI) has approved the joint venture of Indian steel company JSW Steel Ltd. with Japan's JFE Steel Corp. to expand crude steel production capacity in the eastern state of Odisha, according to a CCI statement on Wednesday, January 21.
CCI's approval relates to a proposed combination between Bhushan Power and Steel limited (BSPL), JSW Sambalpur Steel Ltd., JFE Steel Corp. and JSW Kalinga Steel Ltd., according to its statement.
JSW Steel announced in December that BPSL's integrated steel plant in Odisha will be transferred to a 50:50 joint venture with JFE Steel Corporation
JSW Steel limited acquired BSPL in 2021 through bankruptcy proceedings, with the latter operating the Odisha steel plant volume 4.5 million tons.
JFE Steel Corporation will invest approximately $1.73 billion in two tranches to obtain its 50 percent stake in the proposed joint venture with JSW Steel limited.
The proposed JV plans to increase the installed capacity of BSPL to 10 million tons per annum.
