JSW Steel acquires Saffron Resources, increases stake in JSW Severfield Structures and forms new joint venture with APMDC
Key outcomes of the board meeting:
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Acquisition of Saffron Resources
The company will acquire up to 100% equity in Saffron Resources Private Limited, which holds 887 acres of land in Odisha. This acquisition will bolster JSW Steel's resource base in a key mining region.
Stake increase in JSW Severfield Structures
JSW Steel entered into a Share Purchase Option Agreement (SPOA) with Severfield Group, enabling JSW Steel to acquire up to an additional 24.9% stake in its joint venture, JSW Severfield Structures Limited (JSSL).
The acquisition price is capped at approximately ₹235.1 crore, valuing shares at about ₹20.9 each. This would increase JSW Steel's ownership beyond its current 50% stake in JSSL, a leader in structural steel construction solutions.
New joint venture with APMDC
JSW Steel will form a joint venture with Andhra Pradesh Mineral Development Corporation (APMDC) to develop the Konijedu Marlapadu Integrated Iron Ore Project in Andhra Pradesh.
JSW Steel will hold 89% of the JV while APMDC will retain an 11% free-ride equity stake. The ₹1,075 crore project aims to mine and beneficiate low-grade iron ore, producing ~1.3 million tons of concentrate annually, replacing imported ore and reducing costs.
These developments reflect JSW Steel's continued focus on securing resources, expanding capacity, and maintaining its leadership in the steel and infrastructure segments.
The full disclosure is available on the company's website and was submitted to both NSE and BSE in compliance with SEBI regulations.
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