JFE Steel Corp, the world's fifth-biggest steelmaker, said on Tuesday it had raised its stake in JSW Steel Ltd to 15% following a change in Indian share purchases rule and made it an equity-method company on its books.
JFE in 2010 bought 14.9% of India's No.3 steelmaker for $1 billion, just shy of the level that would trigger a mandatory public offering. India last November changed the rule to 25%.
The move, which had been expected, was done by converting some of the JSW depositary receipts held by JFE.
The change will not affect JFE's guidance of a net loss of 40 billion yen for the year to March 31, the company said.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app