JSW Steel has appointed Mr. Dev Bajpai as an Additional Director in the category of Non-Executive Independent Director effective July 2, 2026. The appointment, based on the recommendation of the Nomination and Remuneration Committee, aims to strengthen the company's governance framework with leadership experienced in corporate affairs and policy. The Board has recommended his appointment for a term of five years from July 2, 2026 to July 1, 2031, subject to the approval of shareholders, and he will not be liable to retire by rotation.

Appointment Details

The Board of Directors approved the appointment at 09:15 pm IST on July 1, 2026. The company affirmed that Mr. Bajpai is not debarred from being appointed as a director by any order passed by the Securities and Exchange Board of India (SEBI) or any other authority. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Director Profile

Mr. Dev Bajpai (60 years) brings over three decades of experience in the corporate sector, with extensive expertise in the automobile and auto components, FMCG, hospitality, and private equity industries. His last assignment was with Hindustan Unilever Limited (HUL), where he served as a member of the Management Committee since May 2010 and later as Whole Time Director and Executive Director, Legal & Corporate Affairs from January 2017 until his early retirement on December 31, 2024.

Key Professional Background

Mr. Bajpai is not related to any director of JSW Steel Limited. He currently serves as an Advisor to HUL and has been instrumental in advocating for policy changes in industrial, consumer, tax, and corporate regulations.

JSW Steel has finalized the formation of a 50:50 joint venture with JFE Steel Corporation regarding the steel business of Bhushan Power and Steel Limited. JFE Steel acquired an additional 25% stake in JSW JFE Kalinga Steel Limited on June 30, 2026, for a consideration of Rs. 7,875 crores. This transaction completes the joint venture arrangement, granting JFE Steel equal control over the entity. The joint control was established pursuant to a Joint Venture Agreement dated December 3, 2025.

Transaction Overview

The investment follows an earlier tranche where JFE Steel invested Rs. 7,875 crores to acquire an initial 25% stake. With the latest acquisition, JFE Steel now holds a total of 50% of the shareholding in JSW JFE Kalinga on a fully diluted basis. The following table outlines the key milestones of the transaction:

Scope and Regulatory Compliance

The joint venture extends to JSW JFE Kalinga and its wholly owned subsidiary, JSW JFE Steel Limited, formerly known as JSW Sambalpur Steel Limited. The intimation was submitted to the exchanges pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.