Japanese steelmaker JFE Steel has invested Rs 78.75 billion for a 25% stake in JSW Kalinga Steel Limited, as part of a joint venture agreement signed with JSW Steel in December 2025.

The investment was made through the placement of 226.9 million shares on a fully diluted basis. The partners now jointly control JSW Kalinga and its subsidiary, JSW Sambalpur Steel Limited.

JFE Steel will acquire an additional 25% stake for the same amount in the next phase. 

The joint venture is based on the Bhushan Power and Steel Limited business, which JSW Steel acquired in 2021 and will be transferred to the venture on a 50:50 basis.