Jindal Stainless (JSL) completed the acquisition of Jindal United Steel (JUSL) on July 20. Previously, JSL held a 26% stake in JUSL. He has now acquired the remaining 74% stake in JUSL for a cash consideration of INR 958 crore (US$116.88 million).
The deal makes JUSL a 100% subsidiary of JSL, the latter said in a press release seen by Callanish.
“Given the good outlook for stainless steel and the merger of JUSL and JSL, the JSL Board of Directors has decided to bring all critical stainless steel businesses under one roof,” says JSL Managing Director Abhyudai Jindal. This acquisition will lead to improved synergies between both companies and a preferred management structure, thereby adding value to all stakeholders.”
JUSL operates a hot rolling mill (HSM) with a capacity of 1.6 million tons per year and a cold rolling mill with a capacity of 200,000 tons per year. It is also expanding its capacity to 3.2 Mtpa in Jajpur, Odisha.
JSL is India's leading stainless steel producer with an annual smelting capacity of 2.9 million tons and an annual turnover of INR 35,700 crores in the fiscal year ended March 31, 2023 (fiscal year 23). The company has two stainless steel manufacturing facilities in India, in the states of Odisha and Haryana, and an overseas subsidiary in Indonesia serving the markets of Southeast Asia and nearby regions.
