JSW Steel to merge Creixent Special Steels and JSW Ispat Special Products in an $8.75bn deal.

JSW Steel, an integrated steel manufacturer, agreed to merge Creixent Special Steels and JSW Ispat Special Products, a firm engaged in manufacturing and marketing of pellets, sponge iron, ferro alloys, billets and structural steels, in an $8.75bn deal. As per the planned merger, JISPL will be able to obtain iron ore from JSW Steel's captive iron ore mines, which are closer to JISPL than JSW Steel's merchant iron ore mines. It is mentioned that the overall cost of procurement will be reduced as a result of such combined sourcing of raw materials. JSW Steel may also supply coke for JISPL's production activities, lowering procurement costs even further.