New Delhi, January 08, 2026: Lakshmikumaran & Sridharan Attorneys acted as legal advisor to 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.
The LKS team provided advisory support on direct tax and foreign exchange (FEMA) implications arising from the transaction and assisted BlueScope on a time-to-time basis throughout the deal lifecycle.
A key highlight of the transaction was LKS assisting BlueScope Steel Limited in obtaining a lower withholding tax certificate within a period of 10 days, which resulted in a reduction of tax withholding by Tata Steel Limited to the extent of 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 transaction team from LKS was led by Ravi Sawana (Partner) and comprised S. Vasudevan (Executive Partner), Asish Philip (Executive Partner), Neha Sharma (Associate Partner), Tanmay Bhatnagar (Associate Partner), Apurva Chaudhary (Senior Associate) and Shreyasi Chakraborty (Senior Associate).