JSW Steel Limited has secured approval from the National Company Law Tribunal (NCLT), Mumbai Bench, to amalgamate three subsidiaries—Amba River Coke Limited (ARCL), Monnet Cement Limited (MCL), and JSW Retail and Distribution Limited (JRDL)—with itself. The order, pronounced on July 2, 2026, sanctions the scheme of amalgamation under Sections 230 to 232 of the Companies Act, 2013. The merger is aimed at achieving operational efficiency, reducing administrative costs, and streamlining the group structure by consolidating wholly owned entities.

The appointed date for the scheme is April 1, 2026. As the transferor companies are wholly owned subsidiaries of JSW Steel, no fresh allotment of shares will be made. The share certificates of ARCL, MCL, and JRDL will be deemed cancelled upon the scheme becoming effective. The NCLT order confirms that the transferor companies will be dissolved without winding up, and all liabilities will transfer to the transferee company.

The Board of Directors of the petitioner companies approved the original scheme on October 17, 2025. The Regional Director, Western Region-I, Mumbai, and the Official Liquidator, High Court, Bombay, submitted their reports, noting that the affairs of the transferor companies were not conducted prejudicially to public interest or creditors. The Income Tax Department also granted no objection, subject to certain observations which were addressed by the companies.

The scheme outlines several benefits, including the pooling of technical resources, optimum use of infrastructure, and rationalization of costs. It also ensures that all employees of the transferor companies will be transferred to JSW Steel without a break in service on terms not less favourable than their current engagement. The interests of creditors and employees are stated to be protected under the applicable law.

The petitioner companies have undertaken to comply with all regulatory directions, including those from the Income Tax Department and GST Authorities. They confirmed that no investigation proceedings are pending against them under the specified sections of the Companies Act, 2013. The NCLT directed the companies to file a copy of the order with the Registrar of Companies within 30 days and lodge it with the Superintendent of Stamps for adjudication of stamp duty within 60 days.

Key Details of the Amalgamation

The scheme will become effective once the certified order is filed with the Registrar of Companies, Mumbai. JSW Steel will intimate the stock exchanges about the effective date upon completion of this procedural requirement.

JSW Steel has commenced development activities for its integrated steel project in the Rayalaseema region of Andhra Pradesh, reinforcing its commitment to India's manufacturing growth. The project is being executed by JSW Rayalaseema Steel Ltd, a 100% subsidiary of JSW Steel Ltd., with a total estimated investment of ₹16,350 crore. The first phase involves a planned investment of ₹4,500 crore to establish a 1-MTPA Integrated Steel Plant, which will subsequently expand to a capacity of 2 Million Tonnes Per Annum (MTPA).

Project Investment Overview

The Rayalaseema Steel Project represents a substantial capital deployment by JSW Steel in Andhra Pradesh. The following table outlines the key financial parameters of the project:

Technology and Sustainability

The project will leverage advanced Electric Arc Furnace (EAF) technology using recycled scrap and high-grade Direct Reduced Iron (DRI) as raw material inputs to manufacture state-of-the-art structural steel. Designed as a future-ready steel manufacturing complex, the facility is expected to be among JSW Steel's most sustainable steelmaking assets. The project aligns with the company's long-term sustainability and decarbonisation roadmap, focusing on operational efficiency, resource optimisation, and low carbon emissions.

Strategic Impact

Strategically located in the Rayalaseema region, the project is supported by planned infrastructure including road, rail, power, and water connectivity. This development is expected to catalyse the growth of ancillary industries and logistics infrastructure in the region. The commencement ceremony was attended by the Hon'ble Chief Minister of Andhra Pradesh, Shri N. Chandrababu Naidu, and senior JSW leadership, including Mr. Sajjan Jindal, Chairman & Managing Director, JSW Group.