JSW Steel remains steadfast in its ambition to increase annual steel production capacity to 50 million tonnes by FY31, despite the Supreme Court’s recent annulment of its acquisition of Bhushan Power & Steel Ltd (BPSL). The company is proceeding with brownfield expansions and the development of a new greenfield plant in Odisha to achieve its growth targets.
The Supreme Court’s decision has prompted JSW Steel to seek a refund of ₹19,300 crore paid for the BPSL acquisition. The company is also evaluating legal options to challenge the ruling and has filed a petition to halt BPSL’s liquidation proceedings.
In parallel, India’s stainless-steel imports have risen by approximately 3 per cent year-on-year, reaching 1.73 million tonnes in FY25. Major contributors to these imports include China, Indonesia, Vietnam, and South Korea. The influx of cheaper imported stainless steel is causing concern among domestic manufacturers, particularly MSMEs, who are urging the government to implement protective measures.
These developments highlight the dynamic nature of India’s steel industry, where companies like JSW Steel are navigating legal complexities while pursuing ambitious expansion plans, and the domestic market grapples with the implications of rising imports.
