JSW Steel Limited and JFE Steel Corporation have reached an agreement wherein JSW Ispat Steel will transfer the integrated steel facility of Bhushan Power & Steel Limited to a 50:50 joint venture between JSW and JFE, by way of a slump sale for ₹24,483 crore; and JFE will invest ₹15,750 crore in the JV.
Khaitan & Co is advising JSW on the joint venture.
The core transaction team consisted of Shishir Vayttaden (Partner), K Aishwarya (Partner), Reeti Agarwal (Principal Associate), Radhika Naik (Associate) and Tawishi Beria (Associate) with assistance from the following:
Specialized corporate governance related advice: Sharad Abhyankar (Partner) and Saranya Mishra (Senior Associate);
Secretarial and diligence related aspects: Associates Modit Mendiratta, Naina Bora, Prakhar Khandelwal and Sandli Pawar;
Financing related aspects: Manisha Shroff (Partner), Rajshekhar Upadhyaya (Principal Associate) and Akshansh Sharma (Senior Associate);
Other critical aspects.: Anshuman Sakle (Partner), Alisha Mehra (Principal Associate) and Ritika Ghosh (Associate);
Environmental law related aspects: Vanita Bhargava (Partner), Vishal Shrivastava (Principal Associate) and Tijil Thakur (Associate);
Employment law related aspects: Srishti Ramkrishnan (Counsel), Aditya J Nair (Senior Associate) and Shaaryl Dsouza (Associate).
Chandhiok & Mahajan advised and represented JSW Steel in securing a CCI approval for this joint venture. The Firm's competition team acted for JSW Steel, JSW Kalinga Steel and its subsidiary JSW Sambalpur Steel, and Bhushan Power and Steel.
The transaction team consisted of Karan S. Chandhiok (Head of Practice and Partner), Modhulika Bose (Partner), Tarun Donadi (Senior Associate), Riddhika Dumane (Associate) and Jai Hindocha (Associate).
The JV plans to expand crude steel production at the integrated steelworks to 10 million tons by 2030.
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