JSW Ispat to transfer assets worth ₹443cr to subsidiary Mivaan Steels Ltd

JSW Ispat Special Products announced late on Wednesday evening that it will be transferring some of its assets pertaining to the manufacturing of commodity grade steel to a new wholly-owned subsidiary Mivaan Steels Limited so that the listed entity could focus on special steel products.

The assets to be transferred have a combined value of ₹417 crore and generated revenues worth ₹906 crore in FY21, which was about 22% of the top line of JSW Ispat.

The assets include manufacturing facilities at Raipur, including a 0.3-mtpa sponge iron plant, a ferro alloy plant and a 0.25-mtpa steel manufacturing plant. Mining facilities at Kanker and associated coal washery operations at Patherdih and certain other assets and properties will also be transferred, as per a company statement.


The transfer will be on a slump-sale basis at a value of ₹443 crore.

Formerly known as Monnet Ispat & Energy Limited, the company was acquired by JSW Steel and its promoters from the bankruptcy court in 2018.

The stock of JSW Ispat Special Products Ltd fell 2.72% to close at ₹33.95 on the BSE on Thursday against a 0.18% dip in benchmark Sensex.