The Board of Directors of JSW Steel has approved the merger of Piombino Steel Limited with JSW Steel. Piombino Steel Limited owns Bhushan Power and Steel Limited, which operates a 4.5 MTPA integrated steel facility. The merger is subject to shareholder and regulatory approvals, including those from the Stock Exchanges.
Merger Approval
JSW Steel’s Board of Directors has approved the Scheme of Amalgamation of Piombino Steel Limited with JSW Steel at a meeting held on December 3, 2025. The decision follows recommendations from the Audit Committee and Independent Directors.
Details of the Scheme
Bhushan Power and Steel Limited (BPSL), which operates a 4.5 MTPA integrated steel facility in Odisha, is currently owned by Piombino Steel Limited. JSW Steel owns 82.65% of Piombino Steel, with the remaining 17.35% held by JSW Shipping & Logistics Private Limited. The merger is still subject to necessary statutory and regulatory approvals.
Rationale
The Scheme is expected to ensure better alignment of JSW Steel’s strategic interests. It will enable JSW Steel to directly hold the investment in BPSL, facilitating transactions and investments related to BPSL’s business and enhancing strategic focus.
Shareholding Pattern
As of November 28, 2025, JSW Steel held 82.65% of the equity shares of Piombino Steel Limited, and JSW Shipping & Logistics Private Limited held 17.35%. Post-merger, Piombino Steel Limited will cease to exist.
Share Exchange Ratio
Upon the scheme becoming effective, JSW Steel will issue 10 fully paid-up equity shares for every 156 fully paid-up equity shares held by the shareholders of Piombino Steel Limited.
Source: BSE