JSW Steel completes Piombino Steel merger, effective Jan 1

JSW Steel Limited completed the amalgamation of Piombino Steel Limited on October 31, 2026, after both companies filed the National Company Law Tribunal order with the Registrar of Companies, Mumbai-I. The Scheme became effective with effect from the opening of business on January 1, 2026, and raised JSW Steel’s authorised capital to Rs 27,980 crore.

When did the JSW Steel merger become effective?

The JSW Steel merger became effective on October 31, 2026, when the certified copy of the final tribunal order was filed in e-form INC-28 with the Registrar of Companies, Mumbai-I. Under the Scheme, the appointed date is the opening of business on January 1, 2026, so the amalgamation takes effect from that earlier date under the Scheme’s terms.

The October 31 completion followed the October 16, 2026 order of the National Company Law Tribunal, Mumbai Bench-I, which sanctioned the Scheme under Sections 230 to 232 of the Companies Act, 2013. JSW Steel had notified the stock exchanges on October 17, 2026 that it had received the final order, before confirming the filing-based effectiveness on November 1, 2026.

The filing distinguishes the appointed date from the effectiveness date. October 31, 2026 was the date on which the necessary filing made the Scheme effective, while January 1, 2026 was the date fixed for the Scheme from the opening of business. The announcement does not disclose a separate asset valuation, merger consideration or operational integration timetable.

What happened to Piombino Steel after the merger?

Piombino Steel stands amalgamated with and into JSW Steel under the effective Scheme, with JSW Steel identified as the transferee company and Piombino Steel as the transferor company. The filing states this outcome after the October 31, 2026 filing of the certified tribunal order with the Registrar of Companies, Mumbai-I.

Piombino Steel was incorporated on September 21, 2018, according to the tribunal order. Its stated activities include buying, selling, trading and dealing in steel and allied products, iron ore, coal, coke, brick-earth, ores, minerals, mineral substances, alloys and metal scrap.

JSW Steel was incorporated on March 15, 1994 as Jindal Vijayanagar Steel Limited and is primarily engaged in producing and selling steel and allied products in India and other global markets. Its name changed to JSW Steel on June 16, 2005, while its equity shares are listed on BSE Limited and the National Stock Exchange of India Limited.

The tribunal order records that both boards approved the Scheme on December 3, 2025. It sanctioned the amalgamation involving Piombino Steel, JSW Steel, their shareholders and their creditors, but the supplied filing does not state a share-exchange ratio or a new-share issue under the Scheme.

How did the merger change JSW Steel’s authorised capital?

The merger increased JSW Steel’s authorised share capital to Rs 27,980 crore through the reclassification, consolidation and combination of Piombino Steel’s authorised capital with JSW Steel’s capital. This amendment took effect under Clause 9 of the Scheme after the amalgamation became effective on October 31, 2026.

Piombino Steel contributed authorised capital of Rs 17,000 crore to the combination. This comprised Rs 12,000 crore of equity capital divided into 1,200 crore equity shares of Rs 10 each, and Rs 5,000 crore of preference capital divided into 500 crore preference shares of Rs 10 each.

Before the combination, the tribunal order recorded JSW Steel’s authorised share capital at Rs 10,980 crore. The post-Scheme amount of Rs 27,980 crore is therefore Rs 17,000 crore higher, matching Piombino Steel’s stated authorised capital; the filing describes this as a capital reclassification and combination, not a cash fund-raising.

What does JSW Steel’s revised share-capital clause provide?

JSW Steel’s revised Memorandum of Association provides for authorised share capital of Rs 27,980 crore, comprising equity shares with a face value of Re 1 and preference shares with a face value of Rs 10. The company substituted Clause V of its Memorandum of Association after the Scheme became effective on October 31, 2026.

The revised clause specifies 19,030 crore equity shares of Re 1 each, representing Rs 19,030 crore of authorised equity capital. It also specifies 895 crore preference shares of Rs 10 each, representing Rs 8,950 crore of authorised preference capital; together, the two classes total Rs 27,980 crore.

The clause permits JSW Steel to increase or reduce share capital over time, divide capital into classes, and attach preferential, deferred, qualified or special rights, privileges, conditions or restrictions. It also permits such rights to be varied, modified, amalgamated or abrogated in accordance with the Companies Act and JSW Steel’s Articles of Association.

The revised clause concerns authorised capacity rather than a statement that all permitted shares have been issued. The announcement sets out the revised capital numbers following the October 31, 2026 effectiveness filing, but does not say that JSW Steel issued its full equity or preference capacity as part of the amalgamation.

Conclusion

The completion of the Scheme brings Piombino Steel into JSW Steel after the October 16, 2026 tribunal sanction and the October 31 Registrar of Companies filing. The Scheme applies from January 1, 2026, while the company’s authorised capital has moved from Rs 10,980 crore to Rs 27,980 crore through the combination of authorised capital.

What to watch next is whether JSW Steel uses the flexibility in its amended Clause V to increase, reduce or further classify its Rs 27,980 crore authorised capital. The announcement does not disclose an integration schedule, a planned share issue, a target or a later approval date.