Khaitan & Co advised JSW Steel Limited on joint venture with POSCO Group
The leading law firm in India, Khaitan & Co advised JSW Steel Limited in relation to its joint venture with the South Korea-based POSCO Group. The transaction involves the issuance of shares of a wholly owned subsidiary of JSW Steel Limited to POSCO-India Private Limited and POSCO Co., Ltd, pursuant to which the subsidiary will become a 50:50 joint venture between JSW Steel Limited and the POSCO Group for a total consideration of USD 110.72 million (USD 55.36 million for 50%).
The proposed joint venture will establish a greenfield 6 MTPA integrated steel plant in Odisha, strengthening India’s steel manufacturing capacity and advancing industrial growth in the region. The completion of the transaction is subject to the receipt of relevant antitrust approvals and the fulfilment of other conditions precedent under the share subscription and joint venture agreement.
The Khaitan & Co team was led by Shishir Vayttaden (Partner), with support from Reeti Agarwal (Principal Associate) and Radhika Naik (Associate).
The intellectual property diligence aspects were led by Nirupam Lodha (Partner), with assistance from Malika Nandkeolyar (Senior Associate) and Toshani Mukherjee (Senior Associate).
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