JSW Steel May Sell Up to 50% Stake in Bhushan Power & Steel

JSW Steel is reportedly planning to sell up to 50% stake in Bhushan Power & Steel (BPSL), according to sources cited by CNBC-TV18 on November 11. The potential deal is expected to attract Japan’s JFE Steel as the frontrunner to pick up the stake.

If finalised, the transaction could be valued between ₹15,000 crore and ₹16,000 crore, and is likely to be completed by December 2025, as per the report.

JFE Steel Leads the Race

JFE Steel, which already holds a 15% stake in JSW Steel as of the September quarter, is expected to strengthen its strategic presence through this stake acquisition in Bhushan Power.

The partnership between JSW Steel and JFE Steel has deepened over time. In October 2024, both companies jointly acquired thyssenkrupp Electrical Steel India Private Limited for ₹4,051 crore. Earlier this year, in August, they also announced an expansion plan worth ₹5,845 crore to boost manufacturing capacity for grain-oriented electrical steel in India.

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JSW Steel Responds to Speculation

Responding to the stake sale reports, JSW Steel stated,

“Our strategy includes evaluating various opportunities, both organic and inorganic. We would not like to comment on speculation.”

This indicates that while the company is keeping its options open, no formal confirmation has been made yet.

Deal Follows Supreme Court Clearance

The potential stake sale comes shortly after the Supreme Court’s judgment dated September 26, 2025, which upheld the National Company Law Appellate Tribunal (NCLAT) order approving JSW Steel’s resolution plan for Bhushan Power & Steel. The court dismissed appeals filed by the erstwhile promoters and certain operational creditors, clearing the way for JSW’s ownership.

This legal clarity has likely provided JSW Steel with more flexibility to explore strategic partnerships and stake sales.

Market Reaction

As of 10:35 am on November 12, JSW Steel shares were trading 0.6% lower at ₹1,185 apiece on the BSE. The stock movement indicates mild investor caution as the market awaits further clarity on the stake sale discussions.

Key Takeaways

• JSW Steel may sell up to 50% stake in Bhushan Power & Steel.

• Deal size: ₹15,000–16,000 crore.

• Japan’s JFE Steel is the frontrunner to acquire the stake.

• The deal could be finalised by December 2025.

• The move follows the Supreme Court’s clearance of JSW’s resolution plan for BPSL.

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