JSW Steel Limited's board of directors has formally approved the Share Subscription and Joint Venture Agreement with South Korea's POSCO Group at its meeting held on April 17, 2026. The partnership involves transforming Saffron Resources Private Limited from a wholly owned JSW Steel subsidiary into a 50:50 joint venture through a comprehensive share subscription agreement for establishing a 6 MTPA integrated steel manufacturing facility in Odisha.

Board Meeting and Regulatory Compliance

The board meeting, which commenced at 12:30 p.m. and concluded at 1:40 p.m. (IST), approved entering into the agreement with POSCO Co., Ltd and POSCO-India Private Limited. The company has issued formal intimation to both exchanges under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with reference number JSWSL: MUM: SEC: SE: 2026-27/04/06.

Joint Venture Investment Structure

The confirmed deal structure involves POSCO Co., Ltd and POSCO-India Private Limited subscribing to shares in Saffron Resources Private Limited for a total consideration of approximately INR 508.8 crore, subject to closing adjustments. This investment establishes equal ownership between JSW Steel and the POSCO Group in the joint venture entity.

Land Assets and Project Foundation

Saffron Resources Private Limited holds substantial land assets in Odisha that will support the proposed greenfield integrated steel plant development. The comprehensive land portfolio provides a strong foundation for the 6 MTPA capacity facility.

Strategic Partnership Advantages

The joint venture represents a significant strategic alliance between two major steel producers. POSCO Co., Ltd, headquartered in Pohang, South Korea, operates approximately 45 MTPA of steel manufacturing capacity and holds the distinction of being South Korea's largest steel producer. World Steel Dynamics has recognized POSCO as one of the world's most competitive steelmakers.

The partnership enables JSW Steel to access advanced technology and manufacturing capabilities for high-grade steel products, particularly for automotive and specialized applications. This collaboration aligns with JSW Steel's expansion strategy as the company aims to achieve 50 MTPA production capacity in India by FY31, building on its current crude steel production capacity of 35.7 MTPA.

Governance Framework and Agreement Terms

The joint venture agreement establishes balanced governance mechanisms between the partners. Both JSW Steel and POSCO Group will have the right to appoint an equal number of directors to Saffron's board, ensuring proportionate representation in decision-making processes. The agreement includes customary affirmative consent rights for both parties.

Financial Position of Saffron Resources

As of March 31, 2025, Saffron Resources Private Limited maintained a net worth of INR 4.95 crore with nil turnover for FY25, reflecting its status as a project development entity within JSW Steel's portfolio.

The transaction does not fall within the ambit of related party transactions, as POSCO Group has no existing relationship with JSW Steel's promoter, promoter group, or group companies. The definitive agreement is expected to be executed in due course following all regulatory approvals.

JSW Steel Limited has disclosed the complete redemption of USD 750 million worth of senior unsecured notes issued by its indirect wholly owned subsidiary, Periama Holdings LLC. The notes, carrying a 5.95% fixed interest rate, were fully redeemed on April 20, 2026, marking the conclusion of their normal maturity cycle as per the original issuance terms.

Details of the Notes Issuance

The notes were issued in two separate tranches under Regulation S of the U.S. Securities Act, 1933, and were listed on the Singapore Exchange Securities Trading Limited (SGX-ST). The issuance details are as follows:

Guarantee Termination

The notes were originally guaranteed by jsw steel pursuant to a trust deed dated October 19, 2020, which was supplemented by a first supplemental trust deed dated December 21, 2020. Following the full redemption of the notes, the company's guarantee has now been terminated. The redemption was facilitated through a loan extended by JSW Steel to Periama Holdings LLC specifically for enabling this repayment.

All other payments related to the notes have also been completed. The disclosure was made to the National Stock Exchange of India Limited and BSE Limited under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was signed by Manoj Prasad Singh, Company Secretary in the interim capacity, on April 21, 2026.