Indian steelmaker JSW Steel has denied media reports about Japan's JFE Steel increasing its shareholding in JSW. The Indian steelmaker stated that JFE Steel still has a 16.17 percent shareholding in the company.
An Indian-based newspaper said that JFE Steel had started increasing its stake as a move to retain its stake in JSW after an impending merger with JSW Ispat may trim down JFE's ownership.
As SteelOrbis previously reported, JSW Steel's shareholders approved the merger with JSW Ispat, forming the second largest steelmaker in India after the state-run Steel Authority of India (SAIL). According to the merger plan, one equity share of JSW Steel is equal to 72 equity shares of JSW Ispat. Following the merger, JSW Steel will have an annual installed capacity of 14.3 million mt.