INSUBCONTINENT EXCLUSIVE:
The overall acquisition of CPSL costs around Rs 1,618 crore to JSL
(Representative Image)1 min read Last Updated : Jun 17 2024 | 9:48 PM IST
Jindal Stainless on Monday said it has acquired the remaining 46
per cent stake in Chromeni Steels Private Ltd (CSPL) for Rs 278 crore.
Consequently, CSPL has become a wholly-owned subsidiary of the
company, with effect from June 15, 2024, Jindal Stainless Ltd (JSL) said in a release.
"Jindal Stainless acquires remaining 46 per cent
equity stake in Chromeni Steels Private Ltd
The transaction entails a total outlay of Rs 278 crore, comprising payment towards equity transfer and payment of shareholders' debt," it
said.
Jindal Stainless earlier acquired a 54 per cent equity stake in CSPL through an indirect acquisition deal for Rs 1,340 crore.
The
overall acquisition of CPSL costs around Rs 1,618 crore to JSL.
JSL CEO Tarun Kumar Khulbe said, "The acquisition of a 100 per cent equity
stake in Chromeni will help us climb the value chain
Since we expect the facility to be operational soon, this strategic move will enable the company to capitalise on the robust domestic
demand, which is increasing at the rate of 7-9 per cent every year, immediately".
CSPL owns a 0.6 MTPA cold rolling mill located in Mundra,
Gujarat.(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is
auto-generated from a syndicated feed.)First Published: Jun 17 2024 | 9:48 PMIST
