India, Jan. 20 -- The CCI has approved proposed combination between Bhushan Power and Steel Limited (BPSL), JSW Sambalpur Steel Limited (JSW Sambalpur), JFE Steel Corporation (JFE) and JSW Kalinga Steel Ltd. (JSW Kalinga).The proposed combination pertains to the (a) transfer of BPSL's steel business undertaking (Target Business) to JSW Sambalpur by way of slump sale; and (b) the acquisition by JFE of a 50% direct shareholding in JSW Kalinga, thereby resulting in an indirect acquisition of 50% shareholding by JFE in JSW Sambalpur. Thereafter, JSW Kalinga (and therefore, indirectly, JSW Sambalpur) will be operated as a 50:50 joint venture between JFE and JSW Steel Ltd. (JSW Steel).JFE is part of the JFE Group under which there are three opera...