JFE Holdings Inc., Japan’s second- largest steelmaker, is plans to invest about US$1 bn in India’s JSW Steel Ltd., accoridng to a report.
The report stated that the company intends to acquire securities convertible into shares at a minimum price of Rs1,300 ($27.69) each.
JFE, which agreed to cooperate with JSW Steel on automobile steel production in November last year, joins Nippon Steel Corp. in forging relationships with Indian steelmakers as demand increases, says report.