Latest News | Jindal Stainless Acquires Remaining 46 Pc Stake in Chromeni Steels for Rs 278 Cr

New Delhi, Jun 17 (PTI) Jindal Stainless on Monday said it has acquired the remaining 46 per cent stake in Chromeni Steels Private Ltd (CSPL) for Rs 278 crore.

Consequently, CSPL has become a wholly-owned subsidiary of the company, with effect from June 15, 2024, Jindal Stainless Ltd (JSL) said in a release.

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"Jindal Stainless acquires remaining 46 per cent equity stake in Chromeni Steels Private Ltd. The transaction entails a total outlay of Rs 278 crore, comprising payment towards equity transfer and payment of shareholders' debt," it said.

Jindal Stainless earlier acquired a 54 per cent equity stake in CSPL through an indirect acquisition deal for Rs 1,340 crore.

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The overall acquisition of CPSL costs around Rs 1,618 crore to JSL.

JSL CEO Tarun Kumar Khulbe said, "The acquisition of a 100 per cent 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 per cent every year, immediately".

CSPL owns a 0.6 MTPA cold rolling mill located in Mundra, Gujarat.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)