PSL’s subsidiaries have filed Chapter 11 proceedings in the relevant Courts in USA. This step has been taken in view of continuous losses in the following two overseas subsidiaries - PSL USA Inc, a wholly owned subsidiary and PSL North America LLC, a subsidiary and joint venture of the company.
Chapter 11 is a chapter of Title 11 of the United States Bankruptcy Code, which permits reorganization of a debtor’s business affairs and assets under the bankruptcy laws of the United States.
PSL is India’s largest producer / manufacturer of HSAW pipes, the line-pipe industry's preferred pipe, with production capacity in excess of the 1 MT mark.
