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Jindal Stainless purchased 46% of Chromeni Steels Private Ltd (CSPL) for ₹278 crore. As a result, starting on June 15, 2024, the firm will fully own CSPL, according to a release from Jindal Stainless Ltd (JSL).
"Jindal Stainless acquires remaining 46% equity stake in Chromeni Steels Private Ltd. The transaction entails a total outlay of ₹278 crore, comprising payment towards equity transfer and payment of shareholders' debt," it said.
Jindal Stainless previously purchased a 54% equity holding in CSPL for ₹1,340 crore through an indirect transaction. JSL had to pay approximately ₹1,618 crore in total for the acquisition of CPSL.
JSL CEO Tarun Kumar Khulbe said, "The acquisition of a 100% 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% every year, immediately". CSPL owns a 0.6 MTPA cold rolling mill located in Mundra, Gujarat.
Also Read : Nippon Steel’s $14 Billion US Steel Takeover Triggers Investor Caution Over Costs and Oversight JSW Steel to invest $1 bn on decarbonisation, aims to achieve net neutrality by 2050
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