Shardul Amarchand Mangaldas advised POSCO on 50:50 joint venture with JSW Steel for Odisha steel plant
The India’s leading law firm, Shardul Amarchand Mangaldas & Co. advised POSCO Group (POSCO Co., Ltd. and POSCO-India Private Limited) on its proposed 50:50 joint venture with JSW Steel Limited for the establishment of a greenfield 6 million ton per annum integrated steel manufacturing plant in Odisha, India.
The transaction involves POSCO Group subscribing to equity shares in Saffron Resources Private Limited, a wholly owned subsidiary of JSW Steel, which will operate as a 50:50 joint venture between the parties upon completion. The JV entity will commission the integrated steel manufacturing plant in Odisha with a capacity of 6 million ton per annum. The completion of the transaction is subject to fulfilment of conditions precedent as agreed in the transaction documents.
The Shardul Amarchand Mangaldas & Co. transaction team was led by Shruti Kinra (Partner) and Rohan Sharda (Partner), with support from Mragank Shukla (Senior Associate) and Arjun Yadav (Associate).
The competition team was led by Rohan Arora (Partner) and Supritha Prodaturi (Partner), with support from Aisha Khan (Senior Associate) and Saii Divkanwar Singh (Associate).
On tax aspects, the team included Sanjiv Malhotra (Head of Tax Practice), Gouri Puri (Partner), Aayush Nagpal (Partner), Rahul Yadav (Partner), Rohit Garg (Partner) and Nimish Malpani (Principal Associate).
On insolvency and diligence aspects, the team included Misha (Partner), Vaijayant Paliwal (Partner), Siddhant Kant (Partner) and Mahima Sareen (Principal Associate).
On enforcement and arbitration, the team included Binsy Susan (Partner) and Akshay Sharma (Partner).
On environmental law aspects, Radhika M Dudhat (Partner) advised on documentation and regulatory matters.
On real estate and diligence, Mrinal Kumar (Partner) and Rohit Bajaj (Partner) advised on related aspects.
Pallavi Shroff (Managing Partner) provided overall strategic guidance, while V R Neelakantan (Partner) contributed from a projects and finance standpoint. Gopalkrishna Hegde (Consultant) and Prashant Saran (Senior Consultant) provided regulatory inputs.
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