JSPL Expands Horizons with Acquisition of Allied Strips Limited

Jindal Steel and Power Ltd (JSPL) has acquired Allied Strips Limited (ASL) through its subsidiary Jindal Steel Odisha Limited for over Rs 217 crore. The acquisition aims to expand JSO's product range and create significant synergies with its existing steel operations. ASL, based in Haryana, specializes in steel products.

Jindal Steel and Power Ltd (JSPL) announced on Thursday its acquisition of Allied Strips Limited (ASL) for over Rs 217 crore.

This strategic move was executed through JSPL's wholly owned subsidiary, Jindal Steel Odisha Limited (JSO), as highlighted in a regulatory filing.

According to JSPL, the acquisition is designed to enhance JSO's product offerings and foster significant synergies within its current steel manufacturing business. Steel produced at JSO can now serve as raw material for ASL's operations, positioning the combination for strengthened market presence. Haryana-based ASL, with a processing capacity exceeding 3,00,000 metric tonnes of HR coil annually, specializes in manufacturing and supplying a wide range of steel products catering to diverse sectors.

(With inputs from agencies.)