Jindal Stainless Limited (BSE:532508) agreed to acquire the remaining 74% stake in Jindal United Steel Limited from OPJ Steel Trading Private Limited for INR 9.6 billion on July 25, 2022. Under the transaction, Jindal Stainless Limited will acquire 34.15 million shares of Jindal United Steel for cash. Upon completion, Jindal United Steel will operate as a wholly owned subsidiary of Jindal Stainless. For the year ending March 31, 2022, Jindal United Steel reported revenues of INR 14.83 billion and total assets of INR 29.45 billion. The transaction is subject to subject to requisite approvals, including lenders and has been approved by the Board of Directors of Jindal Stainless Limited On September 3, 2022, Jindal Stainless Limited shareholder approved the transaction. The transaction is expected to be completed by fiscal end, 2023.
Jindal Stainless Limited (BSE:532508) completed the acquisition of the remaining 74% stake in Jindal United Steel Limited from OPJ Steel Trading Private Limited on July 20, 2023.
Jindal Stainless Limited is a stainless-steel manufacturer. It is engaged in the manufacturing of stainless-steel flat products in austenitic, ferritic, martensitic and duplex grades. Its products include slabs, blooms, hot rolled (HR) coils, cold rolled (CR) coils, plates and specialty products. Blooms, as semi-finished stainless-steel products, are created using smaller mold sizes. CR produces smooth sheets and strips with precise dimensions and improved surface finishes. Plates are produced by continuously casting slabs, which are then hot rolled after undergoing annealing and pickling. Specialty Product Division serves the precision and specialty stainless steel needs of customers in India and abroad. These include coin blanks, blade steel and precision strips. HR primarily involves deforming the slab/bloom at high temperature and roll pressure. Its subsidiaries include PT. Jindal Stainless Indonesia, Evergreat International Investment Pte Ltd, Jindal Stainless FZE and others.
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