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.

JSW Steel has announced that its board of directors is scheduled to meet on July 17 to consider the company's financial results for the first quarter (Q1).

Board Meeting Details

The upcoming board meeting represents a significant event for investors and stakeholders monitoring the steelmaker's financial performance. The following details have been disclosed regarding the scheduled meeting:

Key Takeaways

• JSW Steel's board is set to convene on July 17 to review and consider Q1 results.
• The announcement signals the upcoming disclosure of the company's quarterly financial performance.
• Market participants and analysts are expected to closely watch the outcome of this board meeting.

No further financial details or preliminary figures have been made available in connection with this announcement at this time.