JSW Steel in talks to sell up to 50% stake in Bhushan Power & Steel: Sources

JSW Steel

is working to sell up to half of its ownership in Bhushan Power & Steel Ltd (BPSL), as per sources aware of the development. Sources familiar with the transaction told CNBC-TV18 that Japan's JFE Steel is the front runner to acquire JSW Steel's 50% stake in Bhushan Power and Steel.

According to sources, JSW Steel is said to be exploring strategic partnerships for BPSL, potentially bringing in a financial or strategic investor to take up to 50% of the company.

In a statement to CNBC-TV18, JSW Steel said, 'Our strategy includes evaluating various opportunities, both organic and inorganic, in India and overseas – including potential collaborations aimed at enhancing scale, efficiency and global competitiveness. However, we would not like to comment on speculation'.

Background on Bhushan Power & Steel:

• BPSL was originally acquired by JSW Steel under the resolution framework of the Insolvency and Bankruptcy Code (IBC) in 2019
• Bhushan Power and Steel (BSPL) has an integrated steel-making capacity of around 4.5 million tonnes per annum (MTPA).
• In May 2025, the Supreme Court of India overturned earlier tribunal orders and ordered BPSL’s liquidation.
• In a dramatic reversal in September 2025, the Supreme Court again overturned its May order, reinstating JSW Steel’s acquisition of BPSL and allowing the group to proceed with the revival of the entity under its umbrella.