JSW Steel is set to shell out ₹621 crore to acquire National Steel & Agro Industries. In addition, JSW Steel Coated Products, a wholly owned subsidiary, will infuse an additional ₹8.52 crore through loans to settle outstanding insolvency resolution costs and payments to operational creditors. The completion of this acquisition is expected within the next month.
Last week, JSW Steel received approval for its resolution plan for NSAIL under the Corporate Insolvency Resolution Process. This achievement underscores the company's commitment to expanding its presence and influence in the coated steel manufacturing sector.
Since its inception in1985, NSAIL has continuously evolved and expanded its operations, embarking on a journey that witnessed remarkable milestones. Noteworthy achievements include the commencement of Production from Continuous Galvanized Line (CGL)-1 in 1987, the establishment of an in-house Cold Rolling Mill (CRM)-1 in 1994, the initiation of CGL-Line 2 in 1999, and the commissioning of a Color Coating Line in 2004. The story of progress continued with the addition of CRM-2 in 2004, the commencement of CGL Line 3 in 2012, and the advent of a Color Coating Line with a wider 1500 mm width in 2015.