India’s Fair trade regulator Competition Commission of India has approved the May proposal to merge Creixent Special Steels & JSW Ispat into JSW Steel. CCI tweeted “It has approved the amalgamation of Creixent Special Steels and JSW Ispat Special Products with and into JSW Steel.”The Board of Directors of JSW Steel, Creixent Special Steels and JSW Ispat Special Products at their respective board meeting had resolved to merge JSW Ispat & Creixent Special Steels with JSW Steel in May end to achieve1. Synergies in business2. Optimization of raw material procurement3. Utilization of surplus rolling capacity4. Simplified structure and management efficiency5. Enhancing presence in central India6. Improved automationJSW Ispat Special Products Limited, formerly Monnet Ispat & Energy Limited, is a special steel products manufacturer catering to the seamless pipe, automobile and high speed rail industries. It has a crude steel manufacturing capacity of 1.2 million tonnes per annum its integrated steel plant in Raigarh and its plant at Raipur.Creixent Special Steels Limited is a joint venture between JSW Steel Limited and AION Investments Private Limited and is in the business of trading in steel and steel products and holding investments. Creixent Special Steels Limited holds equity investment in JSW Ispat Special Products Limited and is its holding company. Pursuant to the completion of the amalgamation of JSW Ispat Special Products Limited with JSW Steel, there would no longer be a requirement for Creixent Special Steels Limited to exist as a separate legal entity
India’s Fair trade regulator Competition Commission of India has approved the May proposal to merge Creixent Special Steels & JSW Ispat into JSW Steel. CCI tweeted “It has approved the amalgamation of Creixent Special Steels and JSW Ispat Special Products with and into JSW Steel.”The Board of Directors of JSW Steel, Creixent Special Steels and JSW Ispat Special Products at their respective board meeting had resolved to merge JSW Ispat & Creixent Special Steels with JSW Steel in May end to achieve1. Synergies in business2. Optimization of raw material procurement3. Utilization of surplus rolling capacity4. Simplified structure and management efficiency5. Enhancing presence in central India6. Improved automationJSW Ispat Special Products Limited, formerly Monnet Ispat & Energy Limited, is a special steel products manufacturer catering to the seamless pipe, automobile and high speed rail industries. It has a crude steel manufacturing capacity of 1.2 million tonnes per annum its integrated steel plant in Raigarh and its plant at Raipur.Creixent Special Steels Limited is a joint venture between JSW Steel Limited and AION Investments Private Limited and is in the business of trading in steel and steel products and holding investments. Creixent Special Steels Limited holds equity investment in JSW Ispat Special Products Limited and is its holding company. Pursuant to the completion of the amalgamation of JSW Ispat Special Products Limited with JSW Steel, there would no longer be a requirement for Creixent Special Steels Limited to exist as a separate legal entity
