JSW Steel to form JV with Peddar Realty to bid for commercial office spaces in Mumbai

India's top steelmaker JSW Steel will form a joint venture company with Peddar Realty to participate in bidding for land acquisition in Mumbai city, it said on Friday.

The JV will partake in acquisition bids for commercial spaces and offices in Mumbai, with Peddar Realty set to invest up to Rs 51 crores in the company, JSW Steel said.

Peddar Realty will enjoy a 51% shareholding in the JV, while JSW Steel's unit, JSW Realty Pvt will hold the rest.


Earlier in the day, JSW Steel reported quarterly results, with a 198% year-on-year (YoY) surge in its December quarter consolidated net profit at Rs 2,139 crore compared to Rs 717 crore reported in the year ago period.