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The JSW Group chairman is just days away from signing a deal to buy a 49% stake in the India unit of the iconic British brand. The deal, if successful, will change the face of the $23 billion group in more ways than one.

The JSW Steel founder is embarking on an unprecedented expansion, betting on Japan’s JFE and Korea’s POSCO to share the load. But rivalries, debt and market risks could complicate the plan.
A sharper growth push from Tata Steel is reshaping a long-running contest with JSW Steel and shifting the market’s loyalties. But can it keep its expansion-hungry rival at bay?
Rapid asset purchases are driving generation growth, but rising debt and weaker cash flows are testing investor confidence.