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Bond Market News
JSW Steel in Talks to Sell 50% Stake in Bhushan Power & Steel
November 12, 2025
JSW Steel is reportedly in advanced talks to sell up to a 50% stake in Bhushan Power & Steel (BPSL) to Japan’s JFE Steel. The potential deal aims to expand BPSL’s capacity from 5mn to 10mn tonnes, bring advanced technology, and help JSW manage its INR 791.5bn ($8.9bn) debt. While JSW declined to comment on the speculation, sources indicated that discussions were progressing but were temporarily delayed due to a Supreme Court order that had declared JSW’s earlier acquisition of BPSL illegal. The apex court later reversed this in September 2025, reaffirming JSW’s ownership. BPSL, which posted INR 51.6bn ($600mn) in revenue and a INR 1.67bn ($18.9mn) profit in the recent quarter, has become a profitable unit under JSW. The collaboration with JFE builds on a long-standing partnership dating back to 2010, when the Japanese firm bought a 15% stake in JSW. The two have since jointly invested in high-end and electrical steel ventures, including the INR 40.5bn ($500mn) acquisition of Thyssenkrupp Electrical Steel India and a INR 58.5bn ($700mn) capacity expansion project.
JSW Steel’s dollar bonds traded stable with its 5.05% 2032s at 97.6, yielding 5.5%
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