Shah Alloys surges 20% as JSL plans to buy stake

MUMBAI: Jindal Stainless (JSL) is in talks to buy Ahmedabad-based Shah Alloys as part of lenders-initiated exercise to revive the ailing Mumbai-based steelmaker. JSL has also shown interest in buying Shah Alloy’s group company SAL Steel. JSL, which is also under corporate debt restructuring, will have to take approval from its lenders for the deal.

Shares of Shah Alloys surged 20.07 per cent to Rs 17.95 on volume of 46134 shares on the NSE.