JSW Vallabh Tinplate Becomes JSW Steel Wholly Owned Subsidiary
JSW Steel has entered into a legally binding share purchase agreement to acquire the remaining 26.45% stake of JSWVallabh Tinplate for a total sum of
INR 35 crore from the existing third party shareholders as it will add strategic value. JSW Steel informed BSE “JSW Steel Limited has entered into a legally binding share purchase agreement to acquire JSW Vallabh Tinplate Private Limited in one or more tranches, 1,32,37,227 equity shares of INR10 each. Vallabh Tinplate will become a wholly owned subsidiary of the company, with the company's direct and indirect shareholding in JSW Vallabh Tinplate increasing from 73.55% to 100%.”
JSW added “The prospects for tinplate are encouraging and it will be of strategic importance for JSW Steel Ltd to become an important player in this segment.”
JSW VTPL manufactures tinplate and has a 1,00,000 tonnes per annum tinplate manufacturing facility in Beopror Village in Rajpura in Patiala District of Punjab in India.The company has clocked a turnover of INR 534.74 crore during FY 2019-20.