India's JSW Steel falls on selling Bhushan Power and Steel to Japan joint venture

JFE Holdings

03/12/2025 09:45

** Shares of JSW Steel JSTL.NS fall 2% to 1,140.30 rupees

** Steelmaker to sell its Bhushan Power and Steel's steel business to newly formed 50:50 joint venture with Japan's JFE Steel for an equity value of 315 billion rupees ($3.50 billion)

** JSTL says JV to expand crude steel production at the integrated steelworks to 10 million tons by 2030

** Adds, JFE will buy 50% stake in JSW Kalinga for 157.5 billion rupees

** More than 5.14 million shares change hands vs 30 day avg of 1.56 million shares

**YTD, stock up 26.5%

($1 = 90.1000 Indian rupees)

 (Reporting by Mridula Kumar in Bengaluru)

 ((Mridula.Kumar@thomsonreuters.com;))