Sula Shipping acquiring 26% stake in Jindal ITF

Sula Shipping and Logistics Pvt Ltd, a New Delhi-based logistics services and solutions provider, has entered into a deal with Jindal SAW Ltd (JSL) to acquire 26 per cent stake in Jindal ITF Ltd (JITF) for an undisclosed amount.

Jindal ITF is a wholly-owned subsidiary of Jindal SAW, a manufacturer of iron and steel pipes.

JITF and Sula had signed an MoU in August this year for partnership in NTPC-Farakka waterways project.

NTPC-Farakka waterways project delivers imported coal to NTPC power plant at Farakka through barges and is set to deliver three million tonnes of coal to NTPC power plant at Farakka via Hooghly river and ease congestion on rail rakes and roads.

Sula Logistics is responsible for trans-shipment and barging of coal at Sandheads for the Farakka trans-shipment project. Founded in 2011, Sula Shipping brings cargo from deep waters and then trans-ships it into shallow waters through smaller ships.

HSA Advocates advised Sula on this deal to buy stake in JITF.

New Delhi-based Jindal SAW, a part of OP Jindal Group, offers submerged arc welded pipes including longitudinal submerged arc welded pipes & helical seam submerged arc welded pipes, spiral pipes and bends used for energy transportation in the oil and gas sector.

Recently, the firm through its step-down subsidiary Jindal Tubular USA LLC, acquired PSL North America LLC, a US-based steel pipe making firm, for an undisclosed amount.

(Edited by Joby Puthuparampil Johnson)

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