JSW Steel’s wholly-owned subsidiary -- Peddar Realty (PRL) has received approval from Board of Directors for incorporation of a wholly-owned subsidiary in India. The proposed entity is intended to undertake strategic land acquisition and development activities, including development of building sites, infrastructure facilities, offices, residential premises, factories and other related activities to facilitate the future development opportunities of the company.
Peddar Realty would initially subscribe to the equity shares of the proposed entity for an aggregate cash consideration of upto Rs 2 lakh. JSW Steel will hold 100% of the shareholding in the entity proposed to be incorporated, through its wholly owned subsidiary viz. Peddar Realty.
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.
