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DSK, Stephenson Harwood forge JSW-Severfield Rs 1000 crore JV

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DSK Legal and UK firm Stephenson Harwood have closed a Rs 1,000 crore ($219m) joint venture (JV) between JSW Steel and UK steel major Severfield this month.

DSK Legal Mumbai partner Tushar Ajinkya led the Indian law advice for Severfield.

The Stephenson Harwood team was headed by London corporate partner Duncan Stiles, who had begun the long-running joint venture transaction while he was still at Ashurst. Intellectual property partner Eifion Morris was also part of the Stephenson Harwood team.

JSW did not instruct external advisers, with JSW in-house legal counsel Rani Ganapathi leading.

The 50-50 JV between the steel giants will see them launch new steel plants in India, with the first project requiring investments of Rs 1,000 crore over the next two years. The plant, which is set to chrun out 70,000 units of steel per annum by 2012, will supply steel for commercial structures and highway bridges.

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