JSW Steel's Expansion Unfazed Despite Bhushan Steel Acquisition Setback

JSW Group announced that its ambitious expansion strategy would remain unaffected despite the recent Supreme Court order nullifying their acquisition of Bhushan Steel and Power Ltd (BSPL). The plan to reach 50 million tonnes of steel capacity by 2030-31 does not include BSPL, according to JSW Steel's Joint MD and CEO, Jayant Acharya.

The company has lodged a review petition with the Supreme Court regarding the BSPL case, emphasizing the strength of their argument. Acharya noted that any necessary adjustments to their expansion plans, specifically the 0.5 million tonnes expansion, will be evaluated post the Supreme Court's decision.

BPSL, located in Odisha's Jharsuguda, boasts a crude steel production capacity of 3.38 million tonnes, aiming to ramp up to 5 million tonnes for increased sales of value-added steel products. JSW's acquisition of BPSL in 2019 for nearly Rs 20,000 crore is under review, with separate petitions filed by the Committee of Creditors and Resolution Professional pending Supreme Court hearings.

(With inputs from agencies.)