Chandhiok & Mahajan advised JSW Steel on securing approval from the Competition Commission of India for its proposed INR157.5 billion (USD171 million) 50:50 joint venture with Japan-based JFE Steel.
Partners Karan Chandhiok and Modhulika Bose led the team, which included senior associate Tarun Donadi as well as associates Riddhika Dumane and Jai Hindocha.
The firm’s competition team acted for JSW Steel, JSW Kalinga Steel and its subsidiary, JSW Sambalpur Steel, as well as Bhushan Power and Steel.
The transaction involves the transfer of Bhushan Power’s steel business to the joint venture entity for a INR244.83 million cash consideration. JFE Steel will invest INR157.5 million in the joint venture in two tranches.
JSW Steel disclosed the transaction to the BSE and NSE on 3 December 2025. The move is expected to enhance operational efficiencies and support accelerated capacity expansion through the deployment of advanced technology and the production of high-value-added steel products.
AZB & Partners advised JFE Steel.
