JSW Steel Ltd (JSTL) has announced a restructuring that unlocks value from Bhushan Power & Steel Ltd (BPSL) and changes the balance-sheet. JSTL will do a slump sale of 50 per cent stake in BPSL to Japan's JFE Steel in two equal tranches, totalling Rs 15,700 crore in cash.
You have to grow, and grow fast - that's the DNA of the JSW group, chairman Sajjan Jindal said as JSW Cement made its debut on the stock market mid-August. The remark captured not just the moment but also the momentum of JSW's growth story.
This is expected to help the promoters to retain their current holding of about 42 per cent, post the stake sale to JFE. The company declined to comment.
From setting up cutting-edge facilities to cater to the domestic market and building capabilities of global standards, the action is building up.
Private steel maker JSW Steel on Tuesday said Japan's steel major JFE will buy 14.99 per cent stake in the company for over Rs 4,800 crore (Rs 48 billion), a move that may help the Indian company reduce its debt.
The steel sector, which has spent a lot of money to tap the automobile segment, is nervous on its investments.
The announcement evoked a sharp response from the UK and Ireland's largest trade union, Unite, which said it would fight for every job and demanded that there would be no compulsory redundancies from Tata Steel.
Steel firms brace for good times on the back of better demand.
Jindal Steel and Power and JSW Steel, are in competing talks to buy parts of insolvent Italian steelmaker Lucchini.
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