JSW Steel : Sale or disposal of unit/ division/subsidiary

JSWSL: MUM: SEC: SE: 2022-23

September 01, 2022

1. National Stock Exchange of India Ltd. 2. BSE Limited

Exchange Plaza	Corporate Relationship Dept.
Plot No. C/1, G Block	Phiroze Jeejeebhoy Towers
Bandra - Kurla Complex	Dalal Street, Mumbai - 400 001.
Bandra (E), Mumbai - 400 051	Scrip Code No.500228
NSE Symbol: JSWSTEEL
	Kind Attn: The General Manager
Kind Attn.: Mr. Hari K, President	(CRD).
(Listing)

Sub: INTIMATION UNDER REGULATION 39(3) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENT) REGULATIONS, 2015 ("LISTING REGULATIONS") -

RESTRUCTURING OF SUBSIDIARIES OPERATING AT USA

Dear Sir,

The Company through its wholly owned subsidiary Inversiones Eurosh Limitada ("IEL") and its Joint Venture partner Compañía Minera Santa Fe had formed a joint venture company, Santa Fe Mining ("SFM"), in Chile to develop iron ore deposits in the Atacama region of Chile. IEL holds 70% equity interest in SFM. IEL and SFM had ownership/leasehold rights to five iron ore mining projects in Chile. While the lease of Bellavista, which had been operationalised, was terminated in FY 2021 due to uncertainties arising post the COVID 19 outbreak, in view of the then prevailing market conditions, iron ore mining in other mines was economically not viable and therefore, the entire amount of investments made by the Company and loans extended by the Company in Chile was fully provided for in its books of accounts in the previous years.

In accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, we now hereby inform you that IEL has entered into an agreement on 31st August, 2022 for selling its 70% stake held in SFM.

The Company proposes to liquidate the other subsidiaries relating to the Chile investments in due course. As the entire investments and investments made by the Company and loans extended by the Company in Chile have been fully provided for in the books of accounts in the previous years, there would be no impact on the financial results of the Company on account of this sale of SFM and liquidation of subsidiaries relating to Chile investments.

This is for your information and in compliance with Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The details required under Regulation 30 read with Part A of Schedule III of the Listing Regulations and SEBI circular no CIR/CFD/CMD/4/2015 dated September 09, 2015, are enclosed herewith and marked as Annexure A.

Thanking You,

Yours faithfully,

For JSW Steel Limited,

LANCY VARGHESE

Digitally signed by

LANCY VARGHESE Date: 2022.09.01 21:49:13 +05'30'

Lancy Varghese

Company Secretary

1. Singapore Exchange Securities Trading Limited
   11 North Buona Vista Drive, #06-07, The Metropolis Tower 2, Singapore 138589

ANNEXURE A

DISCLOSURE OF THE SALE OR DISPOSAL OF UNIT(S) OR DIVISION (S) OR SUBSIDIARY OF THE LISTED ENTITY, IN TERMS OF REGULATION 30 READ WITH PART A OF SCHEDULE III OF THE LISTING REGULATIONS AND SEBI CIRCULAR NO CIR/CFD/CMD/4/2015 DATED SEPTEMBER 09, 2015

Sl.		Particulars		Details
No.
1	The amount and percentage of	Turnover - Turnover of the Santa Fe Mining is
	the turnover or revenue or	NIL for the year ended 31 March 2022.
	income	and	net	worth	Net worth - The consolidated net worth of Santa
	contributed by such unit or
	division	of the	listed	entity	Fe Mining is Rs.517 crores and its percentage is
	during the last financial year;	0.8% of the consolidated net worth of listed entity
	during the last financial year.
2	Date on which the agreement for	31 August 2022
	sale has been entered into;
3	The expected date of completion	Shares will be transferred upon registration of Sale
	of sale/disposal;			Share Public Deed in the Shareholders Registry by
					the Custodian of Mines of Copiapó, which is
					expected to be completed by 30th September,
					2022.
4	Consideration received from such	USD 700 (for sale of 70% stake in Santa Fe
	sale/disposal;			Mining)
5	Brief details of buyers and	Name of Buyer: Diego Calvo SpA
	whether any of the buyers belong
	to the promoter/ promoter group/	The buyer does not belong to the promoter/
	group companies. If yes, details	promoter group / group companies.
	thereof;
6	Whether the transaction would fall	NA
	within related party transactions?
	If yes, whether the same is done
	at "arms-length";
7	Additionally in case of a slump	NA
	sale,	indicative	disclosures
	provided	for	amalgamation/
	merger, shall be disclosed by the
	listed entity with respect to such
	slump sale.

LANCY VARGHESE

Digitally signed by

LANCY VARGHESE Date: 2022.09.01 21:49:39 +05'30'