The latest acquisition, completed on June 30, 2026, marks the second and final tranche of the transaction and takes JFE Steel’s holding in JSW JFE Kalinga to 50% on a fully diluted basis.
The first tranche was completed earlier this year, when JFE Steel invested ₹7,875 crore to acquire an initial 25% stake in the company.
Following that transaction, the two companies established joint control over JSW JFE Kalinga and its wholly owned subsidiary, JSW JFE Steel Ltd., in line with the Joint Venture Agreement signed on December 3, 2025, the filing said.
JSW Steel had informed the exchanges on March 30 that JFE Steel had completed the first tranche through the allotment of 22,694,524 equity shares in JSW JFE Kalinga.
Separately, JSW Steel reported a strong set of March quarter earnings last month, with revenue, EBITDA and operating margins beating Street expectations, aided by better steel realisations and improved operational performance. Revenue rose 14.2% year-on-year to ₹51,180 crore, while EBITDA increased 40.7% to ₹8,634 crore. The EBITDA margin expanded to 16.9%.
The board also recommended a final dividend of ₹7.10 per equity share for FY26, subject to shareholder approval at the company’s annual general meeting scheduled for July 24, 2026. The record date for determining eligible shareholders has been fixed as July 7, 2026.
Shares of JSW Steel were trading 0.39% lower at ₹1,227.60 on Tuesday.
