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Fitch Ratings has placed JSW Steel's Long-Term IDR and outstanding bonds, including Periama Holdings', at 'BB' on Rating Watch Positive, signaling a potential upgrade from 'Stable'. This follows board approval for a 50:50 joint venture with JFE Steel to acquire Bhushan Power & Steel assets, expected to bring JSW Steel ₹32,400 Cr in cash and significantly improve its financial leverage.