The board of directors of India’s Jindal Stainless Limited (JSL) has approved the acquisition of Rabirun Vinimay Private Limited (RVPL), currently under liquidation, a regulatory filing of JSL said on Monday, December 25.
JSL will spend an estimated $11.50 million to acquire the ailing RVPL, the filing said.
RVPL which operates its plant in the eastern state of West Bengal has a cold rolling manufacturing unit of 250,000 mt per year for wider and thinner segment products and a 50,000 mt per year capacity steel pipe and tube making unit.