The Competition Commission of India (CCI) has approved a proposed combination between Bhushan Power and Steel Limited (BPSL), JSW Sambalpur Steel Limited, JFE Steel Corporation, and JSW Kalinga Steel Ltd.

The transaction involves BPSL transferring its steel business undertaking to JSW Sambalpur through a slump sale. Also, JFE Steel will acquire a 50% direct shareholding in JSW Kalinga, resulting in an indirect 50% stake in JSW Sambalpur.

Following the deal, JSW Kalinga and JSW Sambalpur will function as a 50:50 joint venture between JFE and JSW Steel. While BPSL operates integrated steel manufacturing and downstream processing, both JSW Kalinga and JSW Sambalpur have yet to start commercial operations.