The National Company Law Tribunal (NCLT), Mumbai Bench, has approved the amalgamation of Piombino Steel Limited with JSW Steel, paving the way for the consolidation of the two entities.
In a regulatory filing on Saturday, October 17, JSW Steel said the tribunal pronounced its order on October 16. The scheme will become effective once the companies file the certified order with the Registrar of Companies, Mumbai. The appointed date for the merger is January 1, 2026.
The merger is aimed at aligning JSW Steel’s long-term strategic interests by enabling it to directly hold its investment in Bhushan Power and Steel Limited (BPSL). According to the scheme, this would facilitate transactions and investments related to BPSL’s business without the involvement of minority shareholders.
The consolidation is also expected to provide JSW Steel with additional cash to fund its growth plans, reduce the number of entities and regulatory compliances, and lower administrative and overhead costs. It is expected to simplify financial consolidation and eliminate duplication in record-keeping and management functions.
Under the share-swap arrangement, shareholders of Piombino Steel will receive 10 fully paid-up equity shares of JSW Steel, with a face value of ₹1 each, for every 156 fully paid-up equity shares of Piombino Steel, with a face value of ₹10 each.
The NCLT order directs the companies to file a certified copy of the order and the scheme with the Registrar of Companies within 30 days of receiving the order. Piombino Steel will be dissolved without winding up following the amalgamation.
The scheme was approved by 94.86% of the valid votes cast by JSW Steel shareholders and 97.20% of the valid votes cast by public shareholders, according to the tribunal order. The Regional Director, Western Region, had raised no objections to the scheme.
JSW Steel is engaged in the production and sale of steel and allied products in India and global markets, while Piombino Steel operates in the trading and dealing of steel and allied products, iron ore, coal, coke, minerals and metal scrap.
Shares of JSW Steel closed 1.3% higher ₹1,216.30 on Friday ahead of the announcement. The stock has advanced about 4% so far this year.
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