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The JSW Group and Japan's JFE have offered to buy up to a 30% share in Whitehaven Coal's Australian coal mine. According to a source, JSW intends to make a strong bid to protect its raw material supplies.
Whitehaven Coal is selling a minority stake in Blackwater's metallurgical coal mine, which intrigued JSW Group's interest. Instead of giving 20% of the mine to just one bidder, the Australian business is willing to sell up to 30% of the mine to both parties.
The valuation of the final deal is now public, despite earlier reports from February of this year indicating that JSW would purchase a 20% share in the mine for about $1 billion.
Both JFE and JSW have formed a 50:50 joint venture in India, JSW JFE Electrical Steel Private Ltd, to set up a ₹5,500-crore plant in Karnataka. Production at the unit is expected to begin in FY27. JFE owns a 14.99% stake in JSW Steel. Earlier, several Indian companies, including Tata Power, Adani and the Essar group, had acquired coal mines overseas to secure raw material supplies.
The JSW group has made ambitious plans to invest in several sectors. In March this year, the group announced a joint venture with China’s SAIC Motor to acquire 35% of MG Motor India. It plans to invest ₹40,000 crore to set up an electric vehicle and battery manufacturing unit in Odisha.
At the same time, JSW Steel plans to increase its capacity to 50 million tonnes per annum by 2030 and wants to secure its raw material supplies via acquisitions. The company has been scouting alternative high-quality coal mines in Australia and other parts of the world in the last few years. JSW group has built its empire by acquiring several steel assets in India, including Ispat Steel's unit in Maharashtra and Bhushan Power and Steel.
Also Read : Servotech bags ₹120 cr order from BPCL for 1,800 fast EV charging stations in India JSW Steel, led by Sajjan Jindal, eyes $750 million loan for expansion
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