“Jindal Stainless will acquire the remaining 46% stake in Chromeni Steels Private Ltd. The transaction involves a total outlay of Rs 2,780 crore, including payment for share transfer and repayment of shareholders’ liabilities,” it said.
Jindal Stainless had earlier acquired 54% stake in CSPL for Rs 1,340 crore through an indirect acquisition deal.
The total acquisition value of CPSL will be around Rs 1,618 crore for JSL.
JSL CEO Tarun Kumar Kurbe said, “Acquisition of 100% stake in Chromeni will help move us up the value chain. With the facility expected to be operational soon, this strategic move will enable us to immediately capitalise on robust domestic demand, which is growing at 7-9 per cent annually.”CSPL owns a 0.6 MTPA cold rolling mill at Mundra in Gujarat.
