India’s Jindal Stainless Limited (JSL) has acquired a 74 percent equity stake in Jindal United Steel Limited (JUSL) to convert the latter into a wholly-owned subsidiary, a JSL statement said on Friday, July 21.
JSL acquired the additional stake in JUSL for a consideration of INR 9,580 million ($117 million), having already held an equity stake of 26 percent.
JUSL operates a 1.6 million mt per year capacity hot strip mill and a cold rolling mill with a capacity of 0.2 million mt per year. It is currently expanding capacity up to 3.2 million mt per year at its plant in Jaipur, Odisha.