Billionaire Sajjan Jindal-owned JSW Steel has completed the acquisition of Welspun Corp’s steel plates and coil mills division for Rs 848.5 crore, subject to closing adjustments towards net working capital.
This comes two years after the agreement was signed.
As a part of the transaction, JSW Steel shall also purchase a parcel of land from Welspun for Rs 1.5 crore.
The division will be of strategic importance for JSW Steel in expanding its value-added and special products portfolio, particularly plate mills in which the company has not been present so far, the steelmaker said.
The turnover of the division stood at Rs 540 crore for the fiscal ended March 2020 compared with Rs 1,545.6 crore a year ago.
Last week, JSW Steel completed the stressed asset purchase of Bhushan Power and Steel under the bankruptcy process.
JSW Group’s steel arm has closed several distressed deals including those related to Monnet Ispat & Energy Ltd, Asian Colour Coated Ispat, and Vardhman Industries.