Lakshmikumaran & Sridharan Attorneys Advised BlueScope Steel On The Cross-Border Sale Of Indian JV Stake To Tata Steel

Lakshmikumaran & Sridharan Attorneys advised BlueScope Steel on cross-border sale of Indian JV stake to Tata Steel

The prominent Indian law firm, Lakshmikumaran & Sridharan Attorneys advised BlueScope Steel Limited, Australia, in connection with the sale of its shareholding in an Indian joint venture to Tata Steel Limited, India, in a transaction valued at approximately INR 1,100 crore (USD 125 million).

The transaction involved the sale of shares held by BlueScope Steel Limited through its Australian subsidiary in the Indian joint venture, marking a significant cross-border divestment in the steel sector.

Lakshmikumaran & Sridharan Attorneys provided advisory support on direct tax and foreign exchange (FEMA) implications arising from the transaction and assisted BlueScope throughout the deal lifecycle.

A key highlight was Lakshmikumaran & Sridharan Attorneys assisting BlueScope Steel Limited in obtaining a lower withholding tax certificate within 10 days, which reduced the tax withholding by Tata Steel Limited by approximately INR 60 crore on the share purchase consideration.

This engagement underscores the firm’s capability in handling complex cross-border transactions, particularly those involving intricate tax and FEMA considerations in high-value M&A deals.

The LKS team was led by Ravi Sawana (Partner), with support from Asish Philip (Executive Partner), Neha Sharma (Associate Partner), Tanmay Bhatnagar (Associate Partner), Apurva Chaudhary (Senior Associate), and Shreyasi Chakraborty (Senior Associate).

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