You are here: Home > Steel News > Latest Steel News > JSW...

JSW Steel comments on acquisition rumors

Wednesday, 11 June 2014 17:30:06 (GMT+3)   |   Istanbul
       
India-based steelmaker JSW Steel has commented on media reports which have suggested that the steelmaker will acquire another Indian-based steel producer, Welspun Maxsteel, for INR 11 billion ($185 million), in order to obtain cheaper raw materials and cut production costs.
 
In response to these news reports, JSW Steel said in a statement, "We don't offer any comments on market rumors and speculation; however, as a long term strategy, we would like to expand both organically by means of brownfield and greenfield expansions and inorganically by acquiring some existing assets. In that perspective, we keep scanning suitable opportunities which have a strategic fit."
 
Welspun Maxsteel, now a part of Welspun Group, was initially established in 1989 with a designed capacity of 750,000 mt of sponge iron in the form of hot briquetted iron (HBI).

Similar articles

India’s JSW Steel Limited acquires stake in start-up Ayena Solutions

14 Mar | Steel News

India government receives multiple bids for privatization of NMDC Limited’s steel mill project

30 Jan | Steel News

India’s JSW Group company approved to acquire NSAIL through bankruptcy resolution process

13 Oct | Steel News

India’s corporate affairs ministry approves demerger of NMDC’s steel mill project

12 Oct | Steel News

JSW Steel inks deal to acquire Italian steelmaker Aferpi from Cevital

18 May | Steel News

JSW Steel acquires 26 percent stake in Indian tinplate producer

09 Apr | Steel News

JSW Steel to buy 50 percent stake in Indian tinplate producer

24 Feb | Steel News

JSW Steel reportedly interested in Stemcor’s Indian iron ore assets

26 Jul | Steel News

Merger between JSW Steel and JSW Ispat effective as of June 1

04 Jun | Steel News

JSW Steel shareholders give green light to merger with JSW Ispat

01 Feb | Steel News