Mumbai, Dec 3 (PTI) JSW Steel on Wednesday said that Japanese firm JFE Steel Corporation has agreed to invest Rs 15,750 crore for a 50 per cent stake in the steel business of Bhushan Power and Steel (BPSL).

BPSL will be an equal joint venture between JFE and JSW Steel from here on, and the transaction values the enterprise at Rs 53,000 crore, an official said.

Company executives said the deal will help JSW Steel reduce debt by over Rs 37,000 crore by June next year, and also help both JSW Steel and BPSL to grow the business going forward. JSW Steel's debt stood at Rs 79,000 crore as of end-September.

BPSL was acquired by JSW Steel through the bankruptcy process in 2021 at over Rs 19,700 crore. The entity's steel business is set to become an equal joint venture between JSW Steel and JFE.

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