Khaitan & Co, Chandhiok & Mahajan and Shardul Amarchand Mangaldas (SAM) advised on POSCO–JSW Steel US$110.72 million joint venture for a steel plant in Odisha.

JSW Steel and POSCO have entered into a proposed 50:50 joint venture to establish a greenfield 6 million tonnes per annum integrated steel manufacturing plant in Odisha, India.

The transaction involves the issuance of shares of Saffron Resources Private Limited, a wholly owned subsidiary of JSW Steel, to POSCO-India Private Limited and POSCO Co., Ltd. Upon completion, the JV entity will operate as a 50:50 joint venture between the parties.

The total transaction consideration is approximately US$110.72 million, with POSCO Group investing approximately US$55.36 million for its 50% stake. The transaction remains subject to receipt of antitrust and other regulatory approvals.

The proposed project includes steelmaking, hot rolling and cold rolling/coating facilities, and is also expected to integrate with POSCO’s downstream unit in Pune, Maharashtra.

Khaitan & Co advised JSW Steel Ltd on the joint venture transaction.

The core team consisted of Partner Shishir Vayttaden, Principal Associate Reeti Agarwal and Associate Radhika Naik.

The intellectual property team included Partner Nirupam Lodha, Senior Associate Malika Nandkeolyar and Senior Associate Toshani Mukherjee.

Chandhiok & Mahajan, Advocates and Solicitors acted as competition and regulatory counsel to JSW Steel Limited.

The firm advised on antitrust approvals, including clearance from the Competition Commission of India and other jurisdictions.

The team was led by Partner and Head of Competition and Regulatory Karan Singh Chandhiok, alongside Partner Deeksha Manchanda and Partner Avinash Amarnath, with support from Managing Associate Nicky Collins, Senior Associate Tarun Donadi, Senior Associate Bhavika Chhabra and Associate Saumya S.

Shardul Amarchand Mangaldas acted as legal counsel to POSCO Group, including POSCO Co., Ltd. And POSCO-India Private Limited.

The transaction team was led by Partner Shruti Kinra and Partner Rohan Sharda, along with Senior Associate Mragank Shukla and Associate Arjun Yadav.

The competition team was led by Partner Rohan Arora and Partner Supritha Prodaturi, along with Senior Associate Aisha Khan and Associate Saii Siingh.

The tax team was led by Head of Tax Practice Sanjiv Malhotra; Partner Gouri Puri; Partner Aayush Nagpal; Partner Rahul Yadav; and Partner Rohit Garg, along with Principal Associate Nimish Malpani.

The insolvency & restructuring team was led by Partner Misha, Partner Vaijayant Paliwal and Partner Siddhant Kant, along with Principal Associate Mahima Sareen.

The litigation team was led by Partner Binsy Susan and Partner Akshay Sharma.

The environment law team was led by Partner Radhika M Dudhat.

The real estate team was led by Partner Mrinal Kumar and Partner Rohit Bajaj.

Managing Partner Pallavi Shroff provided overall strategic guidance on the matter. Partner Neelakantan VR provided inputs from a projects and finance standpoint, while Consultant Gopalkrishna Hegde and Senior Consultant Prashant Saran advised on regulatory aspects.