JFE Steel Corp, the world's fifth-biggest steelmaker, said on Tuesday it had raised its stake in JSW Steel Ltd to 15% following a change in Indian share purchases rule and made it an equity-method company on its books.
JFE in 2010 bought 14.9% of India's No.3 steelmaker for $1 billion, just shy of the level that would trigger a mandatory public offering. India last November changed the rule to 25%.
The move, which had been expected, was done by converting some of the JSW depositary receipts held by JFE.
The change will not affect JFE's guidance of a net loss of 40 billion yen for the year to March 31, the company said.
