AZB & Partners along with Khaitan & Co advised on the joint venture between JSW Steel–JFE Steel for Bhushan Power & Steel Limited’s (BPSL) steel business valued at INR 24,483 crore.

This JV will take over the steelmaking business of BPSL, with JFE contributing ~USD 1.75 billion for the acquisition. The joint venture is set to increase crude steel production at its integrated steelworks to 10 million tons by 2030, with the potential for future expansion to 15 million tons, positioning the facility as one of the largest integrated steelworks in India.

AZB & Partners advised JFE Steel (Japan) on the landmark transaction resulting in a 50:50 joint venture between JSW Steel and JFE Steel.

The transaction team comprised of Senior Partner Nilanjana Singh, Partner Qais Jamal, Senior Associates Kinjal Bhatt and Yash Chhadva, Associates Parth Goyal and Sanyam Jha. They were supported on the due diligence by Senior Associates Anushka Pemmaya and Shivang Sinha, Associates Anika Kumar, Parvathy Suresh, Prashant Munshi, Sakshi Tolani, Sarthak Garg, Shloka Jain, and on the antitrust aspects by Senior Partner Bharat V Budholia, Partner Kirthi Srinivas, Senior Associate Vayshnavi Ganesh and Associates Varnika Agarwal, Ashna Mahajan and Aryaman Kapoor.

Khaitan & Co advised JSW Steel on its strategic joint venture with JFE Steel Corporation for the steel business of Bhushan Power & Steel Limited.

The core deal team comprised K Aishwarya, Reeti Agarwal, Tawishi Beria and Radhika Naik with strategic inputs from Shishir Vayttaden.

The following team members also assisted in the deal; Sharad Abhyankar (Corporate Governance), Manisha Shroff (Financing), Anshuman Sakle (Transaction Inputs), Vanita Bhargava (Environment Law) and Srishti Ramkrishnan (Employment Law).