JSW Steel has concluded the acquisition of the entire shareholding comprising 99.85% of Welspun Enterprises (WEL) held in Welspun Maxsteel (WMSL) on October 31, 2014. This is pursuant to the approval of the Competition Commission of India (CCI) received for the acquisition of WMSL by the company.
The company had earlier on August 18, 2014, entered into a definitive agreement with (WEL), pursuant to which the company shall acquire the entire equity shares held by WEL in WMSL subject to relevant regulatory approvals and customary closing conditions.
JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.
