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JSW Steel Shareholders Approve Key Resolutions for Bhushan Power & Steel Acquisition

JSW Steel Limited

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February 5, 2026, 03:22 PM

JSW Steel shareholders approved key resolutions via postal ballot. These include material related party transactions for a joint venture with JFE Steel Corporation for Bhushan Power & Steel's undertaking, the slump sale of Bhushan Power & Steel's business to JSW Sambalpur Steel, and adjustments to Piombino Steel's shareholding in JSW Kalinga Steel.

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JSW Steel Limited has announced the voting results for resolutions passed through postal ballot, in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company informed the stock exchanges that the following resolutions, detailed in a postal ballot notice dated December 3, 2025, were passed with the requisite majority.

Firstly, shareholders approved material related party transactions concerning a proposed joint venture. This JV involves JSW Steel, Piombino Steel Limited, JSW Kalinga Steel Limited, JSW Sambalpur Steel Limited, and JFE Steel Corporation of Japan. The venture is for the steel business undertaking of Bhushan Power & Steel Limited.

Secondly, approval was granted for the transfer, sale, or disposal of the steel business undertaking of Bhushan Power & Steel Limited, a material subsidiary, to JSW Sambalpur Steel Limited, another subsidiary, via a slump sale.

Thirdly, shareholders approved the reduction of Piombino Steel Limited's (PSL) shareholding in JSW Kalinga Steel Limited (JSW Kalinga) to fifty percent. This also includes the exercise of joint control over JSW Kalinga and JSW Sambalpur Steel Limited by PSL, in conjunction with JFE Steel Corporation, Japan, once JSW Kalinga and JSW Sambalpur become material subsidiaries of JSW Steel. Related matters were also approved.

This disclosure is also available on the company's website, www.jsw.in.

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