Jindal Stainless has completed the acquisition of the remaining 46pct stake in Chromeni Steels (CSPL) for a total consideration of INR 277.90 crore (USD 33.2 mln). CSPL operates a cold rolling mill in Mundra, Gujarat, with an annual capacity of 0.6 mln tons.
The acquisition will bolster Jindal Stainless’s cold rolled capacity, enhancing its presence in the value-added segment in the long term.
This move follows Jindal Stainless’s previous acquisition of a 54pct stake in CSPL by acquiring 100pct stake of Evergreat International Investment Pte Ltd, Singapore (EIPL).
Jindal Stainless, with an annual melt capacity of 3 mln tons, operates seven stainless steel manufacturing and processing facilities in India and abroad, including Spain and Indonesia. The company’s global network spans 15 countries and offers a diverse range of stainless steel products, catering to various industrial needs.
1 USD / 83.5 INR