Jindal Stainless Acquires Full Ownership of Chromeni Steels for Rs 278 Crore

Jindal Stainless announced the acquisition of the remaining 46% stake in Chromeni Steels Private Ltd, turning it into a wholly-owned subsidiary. The transaction, costing Rs 278 crore, will enable Jindal Stainless to leverage the increasing domestic demand for steel, enhancing its strategic position in the market.

In a significant move to strengthen its market position, Jindal Stainless Ltd (JSL) has acquired the remaining 46% stake in Chromeni Steels Private Ltd (CSPL) for a sum of Rs 278 crore, the company announced on Monday.

This acquisition, which takes effect on June 15, 2024, transforms CSPL into a wholly-owned subsidiary of Jindal Stainless. The deal includes payments toward equity transfer and shareholder debt, alongside a previous 54% stake acquisition by JSL for Rs 1,340 crore.

JSL's CEO Tarun Kumar Khulbe highlighted the strategic importance of the move, anticipating operational readiness of CSPL's 0.6 MTPA cold rolling mill in Mundra, Gujarat, amid robust domestic steel demand growing at 7-9% annually.

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