JSW Steel arm completes $74.24 million acquisition of 92% stake in Minas de Revuboe

Shares of JSW Steel Ltd ended at ₹1,152.05, up by ₹18.45, or 1.63%, on the BSE.

India’s largest steelmaker JSW Steel Ltd on Wednesday (March 25) said its wholly owned subsidiary JSW Natural Resources Ltd has completed the acquisition of 92.19% equity stake and shareholders’ loans of Minas de Revuboe Limitada (MdR).

The transaction was executed through the transfer of $74.24 million to designated escrow accounts on March 25, 2026, in line with the definitive agreements. This follows earlier intimations by JSW Steel on May 17, 2024, January 28, 2025, and March 26, 2025.

In January last year, Bloomberg had reported that JSW Steel had been sidelined by a legal dispute that had derailed its deal to buy a coal concession in Mozambique. JSW Steel agreed in May to buy Minas de Revuboè from the estate of Ken Talbot, an Australian mining tycoon who died 14 years ago. Before the deal could be completed, the Mozambican government revoked MdR’s lease to mine coal valued at about $50 billion.

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In August, two months after the license was withdrawn from MdR, the Ministry of Mineral Resources and Energy published a notice in Mozambique’s state-owned newspaper offering a 30-day window for any objections to the concession being awarded to Stonecoal SA. Four of Stonecoal’s five directors are employed at Jindal Steel & Power Ltd., a company headed by Naveen Jindal, Sajjan’s younger brother.

The loss of the rights has triggered a legal battle between MdR and Mozambique’s government, leaving JSW as an observer. It comes at a critical time for the country, after disputed elections last October triggered demonstrations in which at least 278 people have died. That will test Daniel Chapo — due to be inaugurated as president on January 15 — who has prioritised stability for international investors.

Shares of JSW Steel Ltd ended at ₹1,152.05, up by ₹18.45, or 1.63%, on the BSE.

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(Edited by : Jomy Jos Pullokaran )