JSW Steel will sell 50 per cent stake in its subsidiary Bhushan Power and Steel (BPSL) to JFE Steel Corporation for ₹15,750 crore, to form an equal joint venture at an equity value of ₹31,500 crore, as part of its efforts to deleverage its balance sheet and fund growth.

It will also transfer BPSL-related debt of ₹5,000 crore to the newly-formed joint venture entity.

To start with, JSW Steel will transfer its wholly-owned BPSL business through slump sale on a going-concern basis to JSW Sambalpur Steel for a cash consideration of ₹24,483 crore.

JSW Sambalpur is 100 per cent held by JSW Kalinga Steel. JFE will acquire 50 per cent equity stake in JSW Kalinga at an aggregate consideration of ₹15,750 crore in two equal tranches.

In a separate development, JSW Shipping & Logistics, a promoter

See Full Page