India’s Jindal Stainless Limited (JSL) has acquired the remaining 46 percent equity stake in Chromeni Steel Private Limited (CSPL) for an estimated $34 million, a company statement said on Tuesday, June 18.
Following the acquisition, CSPL became a wholly-owned subsidiary of JSL, as the latter had earlier acquired 54 percent of CSPL entailing an investment of $ 162 million.
"The acquisition of a 100 percent equity stake in Chromeni will help us climb the value chain. Since we expect the facility to be operational soon, this strategic move will enable the company to capitalize on the robust domestic demand, which is increasing at the rate of 7-9 percent every year, immediately,” JSL, CEO, Tarun Kumar Khulbe said in the statement.
CSPL owns a 0.6 mt per year capacity stainless steel cold rolling mill located in Mundra, Gujarat.