Khaitan & Co advised JSW Steel Ltd in relation to a joint venture with the South Korea-based POSCO Group.
The transaction involves the issuance of shares of a wholly owned subsidiary of JSW Steel Ltd to POSCO-India Pvt Ltd and POSCO Co., Ltd (entities part of the POSCO Group), pursuant to which such subsidiary would become a 50:50 joint venture between JSW Steel Ltd and the POSCO Group for a total consideration of USD 110.72 million (USD 55.36 million for 50%). The proposed joint venture will set up a greenfield 6 MTPA integrated steel plant in Odisha.
The completion of the transaction is subject to the receipt of relevant anti-trust approvals and the satisfaction of other conditions precedent set out in the share subscription and joint venture agreement entered into between the parties.
The deal was assisted by:
Intellectual Property: Nirupam Lodha (Partner), Malika Nandkeolyar (Senior Associate) and Toshani Mukherjee (Senior Associate)
The core team consisted of Shishir Vayttaden (Partner), Reeti Agarwal (Principal Associate) and Radhika Naik (Associate)