Business Updates: JSW Steel completes purchase of Welspun unit

May 01 2021 04:49 PM
Business Updates: JSW Steel completes purchase of Welspun unit

Billionaire Sajjan Jindal-owned JSW Steel had earlier announced about the acquisition from Welspun Corp Limited ("Welspun"), on a slump sale basis, the business of manufacturing of high-grade steel plates and coils, and that the consideration shall be paid on a deferred basis.

An amount of Rs 225,00,00,000/- (Rupees Two Hundred and Twenty Five Crores only) has been paid to Welspun as on April 30, 2021. The balance consideration, which is subject to closing adjustments towards net working capital, shall be paid on a deferred basis, subject to Welspun fulfilling certain regulatory approvals and payment milestones as provided under the Business Transfer Agreement dated March 31, 2019, as amended from time to time.

Shares of JSW STEEL LTD. on Friday closed in the National Stock Exchabnge at Rs. 713.70  as compared to the previous close of Rs. 726.50. The total Traded Volume of shares during the day was 3,64,49,711

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