Jindal Stainless Jindal Stainless Limited (JSL) has acquired the remaining 46 percent stake in Chromni Steels Private Limited (CSPL) for Rs 278 crore. Jindal Stainless Limited (JSL) said in a statement on Monday that after this CSPL has become a wholly owned subsidiary of the company from June 15, 2024. According to the statement, “Jindal Stainless has acquired the remaining 46 percent equity stake in Chromni Steels Private Limited. This transaction involves a total expenditure of Rs 278 crore, which includes equity transfer and payment of shareholders’ loan. ”
54 percent stake was bought for Rs 1,340 crore
Jindal Stainless had earlier acquired 54 per cent equity stake in CSPL through an indirect acquisition deal for Rs 1,340 crore. The total acquisition cost of CPSL works out to around Rs 1,618 crore for JSL. “Acquisition of 100 per cent equity stake in Cromony will help us move up the value chain,” JSL Chief Executive Officer (CEO) Tarun Kumar Khulbe said.
The plant will be operational soon
Commenting on this, Tarun Kumar Khulbe, CEO, Jindal Stainless said, “Acquisition of 100% stake in Cromeni will help us move further up the value chain. As we expect the plant to become operational soon, this strategic move will enable the company to capitalise on the strong domestic demand, which is growing at 7-9% every year. This acquisition also underlines our commitment to drive growth and maintain our leading position in the Indian stainless steel market.” Cromeni Steels Pvt Ltd, with a 0.6 MTPA cold rolling mill located in Mundra, Gujarat, will add capacity of cold rolled products to Jindal Stainless’ product mix.
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