Indian steel giant JSW Steel has completed a ₹193.5bn ($3.58bn) acquisition deal of Bhushan Power and Steel (BPSL). BPSL has an integrated steel unit with a liquid steel capacity of over 2.5mn mt per year in Odisha, India.
JSW now owns 100pc equity in BPSL according to a filing with India’s National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) dated Mar 26. The resolution also included the Piombino Steel Ltd. (PSL) merger and the creation of Makler, a special purpose vehicle (SPV).
Sajjan Jindal, chairman, noted in a statement on Friday that the acquisition is one of JSW’s largest. It aligns with the company’s core business and establishes JSW’s presence in Eastern India. BPSL’s total turnover as of March 31, 2020, was ₹86.35bn, and it also has downstream facilities in Kolkata and Chandigarh in Eastern and Central India, respectively.