JSW Steel & AION joint venture JSW Ispat Special Products Limited’s, formerly known as Monnet Ispat and Energy Limited, board has approved a proposal to sell its Raipur steel plant and certain other assets to a wholly-owned subsidiary via a slump sale of INR 450 crore. The sale process first entails the acquisition of Mivaan Steels Limited to make it a wholly-owned subsidiary of the company, after which the Raipur plant will be transferred to Mivaan Steels. The manufacturing facilities at Raipur comprises a sponge iron manufacturing plant with a capacity of 0.3 million tonnes per annum, a ferro alloy plant and a steel manufacturing plant with a capacity of 0.25 million tonnes per annum.JSW Ispat Special Products Limited said “With this transaction, the Company will be able to focus on special steel products and explore and develop markets for its special steel products. Accordingly, with a view to inter-alia achieve dedicated management focus on their respective grades of products and customer segments, facilitate strategic opportunities, including fund raising prospects, maximize value, increase efficiencies and enhance administrative control, the company proposes to transfer the Specified Undertaking to the Transferee Company upon it becoming a wholly owned subsidiary of the Company.”The sale is subject to approval by the National Company Law Tribunal in Chhattisgarh.
JSW Steel & AION joint venture JSW Ispat Special Products Limited’s, formerly known as Monnet Ispat and Energy Limited, board has approved a proposal to sell its Raipur steel plant and certain other assets to a wholly-owned subsidiary via a slump sale of INR 450 crore. The sale process first entails the acquisition of Mivaan Steels Limited to make it a wholly-owned subsidiary of the company, after which the Raipur plant will be transferred to Mivaan Steels. The manufacturing facilities at Raipur comprises a sponge iron manufacturing plant with a capacity of 0.3 million tonnes per annum, a ferro alloy plant and a steel manufacturing plant with a capacity of 0.25 million tonnes per annum.JSW Ispat Special Products Limited said “With this transaction, the Company will be able to focus on special steel products and explore and develop markets for its special steel products. Accordingly, with a view to inter-alia achieve dedicated management focus on their respective grades of products and customer segments, facilitate strategic opportunities, including fund raising prospects, maximize value, increase efficiencies and enhance administrative control, the company proposes to transfer the Specified Undertaking to the Transferee Company upon it becoming a wholly owned subsidiary of the Company.”The sale is subject to approval by the National Company Law Tribunal in Chhattisgarh.
