Jindal Stainless (JSL) has completed the acquisition of Jindal United Steel (JUSL). Earlier, JSL held 26% stake in JUSL; it has now acquired the remaining 74% equity stake in JUSL for a cash consideration of Rs 958 crore. The transaction makes JUSL a 100% owned subsidiary of JSL.
JUSL has been operating the Hot Strip Mill (HSM) of 1.6 million tons per annum (MTPA) capacity and a Cold Rolling Mill of 0.2 MTPA capacity. It is also undergoing capacity expansion up to 3.2 MTPA at Jajpur, Odisha.
Jindal Stainless is one of the largest stainless steel conglomerates in India and ranks amongst the top 10 stainless steel conglomerates in the world.