India Billionaire Family's JSW Steel Sets Up $3.4 Billion JV With Japan's JFE [Forbes]
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Source: Forbes
with Japan's JFE Steel with a joint venture worth 315 billion rupees ($3.4 billion). Under a new deal announced late Wednesday, JSW Steel will transfer the steel business of its unit Bhushan Power and Steel to a joint venture company. JFE will invest 157.5 billion rupees for a 50% stake in the joint venture, with the Indian company owning the other half, the companies said in a joint-statement . The deal is subject to regulatory approval. “JFE has been a trusted partner for JSW Steel since 2009, and the relationship has strengthened over the years as both companies have collaborated on numerous initiatives,” Jayant Acharya, joint managing director and CEO of JSW Steel said in the statement. “Today's announcement brings together JSW's expertise in India with JFE's technological strengths, and will enable the joint venture to realise its growth potential and produce a variety of value-added steel.” Bhushan Power and Steel currently operates a plant in the eastern Indian state of O
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