JSW Steel Incorporates Wholly-Owned Subsidiary in UAE

JSW Steel Limited announced the incorporation of a wholly-owned subsidiary in the UAE, which will serve as an overseas investment, trading, and business development entity. The company will subscribe to ordinary shares for a cash consideration of AED 100,000, holding 100% shareholding. This move is part of JSW Steel's broader strategy to expand its international presence and business operations. Additionally, the board approved a significant 5 MTPA expansion and upgradation project for JSW JFE Steel Limited's plant in Sambalpur, Odisha, with an equity requirement of Rs. 7,500 crore, to be equally funded by JSW Steel and JFE Steel Corporation.