The Financial Express reported that Japan’s second largest steel firm, JFE Steel, is close to acquiring around 10% stake in JSW Steel.

As per report “Though the financial details of the deal is still being worked out, going by the closing share price of JSW at INR 1,166 on the BSE on Thursday, a 10% stake, together with a marginal premium, would cost around INR 2,700 crore for JFE.”

The report added that an announcement is expected shortly.

However the reported added that Mr Sheshagiri Rao CFO of JSW Steel said “We are still in the discussion stage with the JFE Group and so far nothing has been formalized.”

JFE already has a tie up with JSW for making high quality automotive steel and operating an integrated steel plant in West Bengal. While announcing the tie up in November last year, JSW Steel vice CMD Mr Sajjan Jindal had said that an equity deal between the two companies may happen in future.

(Sourced from FE)