JSW Steel acquires UK-based steel plant for Rs 31 cr
JSW Steel Limited on Monday announced acquisition of UK-based Argent Independent Steel Limited at an enterprise value of about Rs 31 crore.
By PTI |
NEW DELHI: JSW Steel Limited on Monday announced acquisition of UK-based Argent Independent Steel Limited at an enterprise value of about Rs 31 crore.
"JSW Steel Ltd, through its wholly owned subsidiary JSW Steel (UK) Ltd has entered into a share purchase agreement to acquire 100 per cent stake in Argent Independent Steel (Holdings) Ltd, UK, which in turn owns all the shares of Argent Independent Steel Ltd," JSW Vice-Chairman and Managing Director Sajjan Jindal told the media.
The annual steel processing capacity of the company is 0.15 MT, he said and pointed out that, "the company proposes to fund the cost of acquisition out of its cash accruals."
Jindal also announced that his company has acquired a cold rolling complex at a cost of Rs 63.34 crore at Vashind, Maharashtra.
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