New Delhi, Jindal Stainless on Monday said it has acquired the remaining 46 per cent stake in Chromani Steels Pvt Ltd (CSPL) for Rs 278 crore.
As a result, CSPL has become a wholly owned subsidiary of the company with effect from June 15, 2024, Jindal Stainless Limited (JSL) said in a release.
"Jindal Stainless has acquired the remaining 46 per cent equity stake in Chromeni Steels Pvt Ltd. The transaction involves a total outlay of Rs 278 crore, which includes equity transfer and repayment of debt to shareholders," it said.
Jindal Stainless had earlier acquired 54 per cent equity stake in CSPL for Rs 1,340 crore through an indirect acquisition deal.
The overall acquisition of CPSL cost JSL approximately Rs 1,618 crore.
JSL CEO Tarun Kumar Khulbe said, “The acquisition of 100 per cent equity stake in Chromani will help us climb up the value chain. As we expect the facility to be operational soon, this strategic move will enable the company to raise strong domestic capital.” Will enable." Demand, which is growing at a rapid rate of 7-9 per cent every year.”
CSPL has a 0.6 MTPA cold rolling mill located at Mundra, Gujarat.
As a result, CSPL has become a wholly owned subsidiary of the company with effect from June 15, 2024, Jindal Stainless Limited (JSL) said in a release.
"Jindal Stainless has acquired the remaining 46 per cent equity stake in Chromeni Steels Pvt Ltd. The transaction involves a total outlay of Rs 278 crore, which includes equity transfer and repayment of debt to shareholders," it said.
Jindal Stainless had earlier acquired 54 per cent equity stake in CSPL for Rs 1,340 crore through an indirect acquisition deal.
The overall acquisition of CPSL cost JSL approximately Rs 1,618 crore.
JSL CEO Tarun Kumar Khulbe said, “The acquisition of 100 per cent equity stake in Chromani will help us climb up the value chain. As we expect the facility to be operational soon, this strategic move will enable the company to raise strong domestic capital.” Will enable." Demand, which is growing at a rapid rate of 7-9 per cent every year.”
CSPL has a 0.6 MTPA cold rolling mill located at Mundra, Gujarat.
