Jindal Steel & Power (JSPL) has received an approval for acquisition of remaining 10,20,000 equity shares of Rs 10 each for an aggregate amount of Rs 1.02 crore only representing 51% equity stake in ‘JB Fabinfra’ (JBFAB) from its existing shareholders. The board of directors at their meeting held on October 09, 2014 has approved for the same.
JBFAB is a Joint Venture Company (JVC) in which the company holds 49% of equity share capital and after the proposed acquisition it will become a wholly owned subsidiary of the company.
JB Fabinfra is engaged in the business of manufacturing of pre-fabricated structures out of light gauge steel (LGS) for residential constructions. JSPL also has Construction Materials business vertical bringing all construction materials under one umbrella and acquiring JBFAB manufacturing business will strengthen the existing portfolio.
