JSW Steel To Acquire Land Firm, Boost JV Stake, And Set Up Iron Ore Project

JSW Steel Ltd. on Friday said its board has approved acquiring full ownership of Saffron Resources Pvt. Ltd. for ₹6.79 billion. Though Saffron Resources has no business operations, it owns 887 acres of land that JSW may use for future expansion, the company said in a filing.

The board also cleared the acquisition of an additional 25% stake in JSW Severfield Structures Ltd. for up to ₹2.35 billion. JSW Severfield is currently a 50:50 joint venture between JSW Steel and Severfield Mauritius Ltd.

Separately, JSW Steel will form a joint venture with Andhra Pradesh Mineral Development Corp. to develop the Konijedu Marlapadu integrated iron ore project. The company will hold an 89% stake in the JV. The project is expected to supply 1.3 million tonnes of beneficiated iron ore annually, reducing reliance on imports and cutting costs.