Steely Resolve: JFE Infuses ₹7,875 Crore into JSW’s Kalinga Venture

JSW Steel, led by Sajjan Jindal, has announced that JFE Steel Corporation has infused the first tranche of ₹7,875 crore into their proposed joint venture, JSW Kalinga Steel.

Following the investment, JSW Steel allotted around 2.27 crore equity shares to JFE, giving it a 25% stake in JSW Kalinga.

Under the joint venture agreement signed on December 3, the share allotment and changes in board composition have resulted in joint control of JSW Kalinga and its wholly owned subsidiary, JSW Sambalpur Steel, by both partners.

News by Rahul Yelligetti.