Welspun Enterprises completes sale of WMSL to JSW Steel

MUMBAI: Welspun Enterprises (WEPL), part of the USD 3 billion Welspun Group, said here today that it has completed the sale of Welspun Maxsteel (WMSL) to JSW Steel (JSW) in follow up to the definitive agreement between the two companies on August 18.

The deal, which included the sale of the entire shareholding of WMSL held by WEPL to JSW Steel, was cleared by 'the Competition Commission of India' on September 23, the company said in a release issued here.

The deal concluded with further infusion of about Rs 19.4 crore by WEPL after adjusting the value of net current assets receivable by it to fulfill the gap between the current long term loan liabilities of WMSL and amount infused by JSW in WMSL.

As a result, WMSL's long term loan liability of about Rs 1,095 crore stands fully repaid.

Welspun Group had earlier identified Welspun Maxsteel, as its non-core business, hence has accordingly exited the same.