New Delhi: The Competition Commission of India (CCI) on Tuesday cleared the proposed combination involving Bhushan Power and Steel Limited (BPSL), JSW Sambalpur Steel Limited, JFE Steel Corporation, and JSW Kalinga Steel Limited.
The transaction involves two key steps. First, BPSL’s steel business undertaking will be transferred to JSW Sambalpur through a slump sale. Second, Japan’s JFE Steel Corporation will acquire a 50% direct stake in JSW Kalinga Steel, which will result in JFE indirectly holding a 50% shareholding in JSW Sambalpur as well. Following the transaction, JSW Kalinga – and by extension JSW Sambalpur – will operate as a 50:50 joint venture between JFE and JSW Steel Limited, according to an official statement.
JFE is part of the JFE Group, which operates across three core businesses: steel manufacturing through JFE Steel Corporation, engineering through JFE Engineering Corporation, and trading via JFE Shoji Corporation.
JSW Kalinga is a wholly owned subsidiary of Piombino Steel Limited, which in turn is a subsidiary of JSW Steel. The company is yet to begin commercial operations. JSW Sambalpur, a wholly owned subsidiary of JSW Kalinga, is also yet to commence operations and will own the transferred steel business following completion of the transaction.
At present, the target business is owned by BPSL, a public limited company engaged in integrated steel manufacturing and downstream processing of finished steel products. BPSL is currently an indirect subsidiary of JSW Steel, held through Piombino Steel Limited.
Separately, the CCI has also given its approval to Emirates NBD Bank’s proposed entry into RBL Bank as a majority shareholder.
The plan allows Emirates NBD to acquire a controlling interest ranging between 51% and 74% in the private sector lender. This will be achieved through a mix of steps, starting with an open offer to existing shareholders as required under market regulations. In parallel, RBL Bank will issue fresh equity shares to Emirates NBD, significantly expanding the latter’s ownership in the bank. In addition, Emirates NBD’s banking operations in India – currently run through its branch network – will be merged into RBL, ensuring a single unified banking platform in the country.
Dubai-headquartered Emirates NBD is a listed banking group with operations across several international markets, including India. Its business spans retail and corporate banking, Islamic finance, investment and private banking, asset management, treasury, and brokerage services.
RBL Bank, which is listed in India, operates as a private sector lender offering deposit products, credit services, digital payment solutions, and cash management facilities. It also runs an IFSC Banking Unit in GIFT City, which functions as its overseas banking arm.
