New Delhi, Jul 20 (PTI) Jindal Stainless on Thursday said it has acquired the remaining 74 per cent stake in Odisha-based Jindal United Steel Limited for Rs 958 crore.

Jindal United Steel Limited (JUSL) has become a 100 per cent owned subsidiary of JSL, which held 26 per cent stake in it earlier, a company statement said.

Also Read | Oppo Reno 10 Pro Plus: From Price to Specs, to Price to Specs to Features, Here's Everything You Need to Know.

"JSL has now acquired the remaining 74 per cent equity stake in JUSL for a cash consideration of Rs 958 crore. The transaction makes JUSL a 100 per cent owned subsidiary of JSL," JSL said.

JUSL has been operating the hot strip mill (HSM) of 1.6 million tonne per annum (MTPA) capacity and a cold rolling mill of 0.2 MTPA capacity. It is also undergoing capacity expansion of up to 3.2 MTPA at Jajpur, Odisha.

Also Read | Himachal Pradesh Flash Floods: Rains Wreak Havoc in State, 130 Dead in Monsoon-Related Incidents.

JSL Managing Director Abhyuday Jindal said, "Given the strong outlook on stainless steel and the association of JUSL and JSL, the board of directors of JSL decided to consolidate all the critical facilities of stainless steel manufacturing under one umbrella."

This acquisition would result in improved synergies between both companies and a preferred governance structure, thereby enhancing the value for all stakeholders, he said.

The board of directors and JSL shareholders had earlier approved the transaction.

Jindal Stainless is the country's largest stainless steel making company with an annual melt capacity of 2.9 million tonnes (MT). It has two stainless steel manufacturing units located in Haryana and Odisha.

(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)