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).
The JV plans to expand crude steel production at the integrated steelworks to 10 million tons by 2030.
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