Jindal Saw, a part of the $18-billion OP Jindal Group, has approved a proposal for entering into a contract worth up to Rs 10,000 crore with group firm JSW Steel, from which it purchases raw material. The proposal for related party transaction was cleared by its shareholders through a special resolution last month.
The approval is for Jindal Saw to enter into a contract(s)/arrangement(s)/transaction(s) with JSW Steel, a related party up to a maximum amount of Rs 10,000 crore from financial year 2014-15 onwards.
Jindal Saw is in a commanding position in India's tubular market being the undisputed leader. The business operations are highly structured with three strategic business units: large diameter pipes, seamless tubes, and DI (ductile iron) pipes.
| Company Name | CMP |
|---|---|
| Tata Steel | 188.00 |
| JSW Steel | 1293.50 |
| Steel Authority | 176.25 |
| Jindal Stainless | 734.70 |
| APL Apollo Tubes | 1964.00 |
| View more.. | |
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