Debt-laden Jindal Stainless has received approval from High Court of Punjab and Haryana in Chandigarh for scheme of arrangement between Jindal Stainless, Jindal Stainless (Hisar), Jindal United Steel and Jindal Coke and their respective shareholders and creditors.
In December last year, Jindal Stainless had announced its plans to de-merge its ferro-alloys, coke oven and stainless steel businesses into three different entities via the slump sale route in order to reduce its mounting debt and to ensure better management of its business verticals.
Jindal Stainless , a part of the $18 billion OP Jindal group is the largest integrated manufacturer of stainless steel in India and is ranked among the top 10 stainless steel manufacturers in the world, with a capacity of 1.8 million tonnes (MT).