India’s Jindal Steel & Power Limited (JSPL) has acquired Haryana-based steel manufacturer Allied Strips Limited (ASL) for INR 217.53 crore (USD 25.4 mln) in cash through its wholly owned subsidiary, Jindal Steel Odisha (JSO).
The acquisition will enhance JSO’s product portfolio and create synergies with its existing operations, as steel produced at JSO can serve as raw material for ASL, the company stated.
ASL operates a facility in Bahadurgarh, Haryana, with an annual capacity to process 300,000 tons of HRC into CRC and CRCA.
JSPL has an installed liquid steel capacity of 9.60 mln tons per year and a finished steel capacity of 6.65 mln tons, producing a range of flat and long steel products across facilities in Odisha and Chhattisgarh.
1 USD / 85.45 INR