Jindal Stainless gets full control of JUSL for Rs 958 cr

NEW DELHI: Jindal Stainless on Thursday said it has acquired the remaining 74 per cent stake in Odisha-based Jindal United Steel Limited for Rs 958 crore.

Jindal United Steel Limited (JUSL) has become a 100 per cent owned subsidiary of JSL, which held 26 per cent stake in it earlier, a company statement said.

“JSL has now acquired the remaining 74 per cent equity stake in JUSL for a cash consideration of Rs 958 crore. The transaction makes JUSL a 100 per cent owned subsidiary of JSL,” JSL said.

JUSL has been operating the hot strip mill (HSM) of 1.6 million tonne per annum (MTPA) capacity and a cold rolling mill of 0.2 MTPA capacity. It is also undergoing capacity expansion of up to 3.2 MTPA at Jajpur, Odisha.