JSW Steel is working to sell up to half of its ownership in Bhushan Power & Steel Ltd (BPSL), as per sources aware of the development. Sources familiar with the transaction told CNBC-TV18 that Japan's JFE Steel is the front runner to acquire JSW Steel's 50% stake in Bhushan Power and Steel.

According to sources, JSW Steel is said to be exploring strategic partnerships for BPSL, potentially bringing in a financial or strategic investor to take up to 50% of the company.

In a statement to CNBC-TV18, JSW Steel said, 'Our strategy includes evaluating various opportunities, both organic and inorganic, in India and overseas – including potential collaborations aimed at enhancing scale, efficiency and global competitiveness. However, we would not like to comment on speculation'.

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