Shareholders and creditors of Jindal Stainless Limited (JSL) and Jindal Stainless Hisar Limited have approved the merger of the two companies as required by India’s National Company Law Tribunal, a joint statement of the companies said on Wednesday, April 27.
“We are happy that our shareholders and creditors have approved the scheme of arrangement for the JSL-JSHL merger by an overwhelming majority,” Abhyuday Jindal, managing director of Jindal Stainless, said in a statement.
The companies hope to complete the merger during the course of this financial year, he said.
The two companies had been demerged in 2015 as part of a financial and operational restructuring exercise to bring down the cost of borrowing.