Page 9 - CV June-July 2023 Issue

JSW STEEL TO ACQUIRE NATIONAL

STEEL AND AGRO FOR RS 621 CRORE

SW Steel will acquire flat-steel producer National Steel and Monnet Ispat and Energy through the bankruptcy route as well. It
Agro Industries (NSAIL) through the bankruptcy court for a currently has the capacity to produce 27 million tonne of steel in
Jcash consideration of ₹621 crore through its wholly-owned India.
subsidiary JSW Steel Coated Products, the company informed stock
exchanges on Monday.

The steelmaker had got the approval from the Mumbai bench of the
National Company Law Tribunal (NCLT) for its resolution plan last
week, and the acquisition will be completed within 30 days of the
effective date as in the resolution plan.
National Steel and Agro Industries, a manufacturer and exporter of
steel from central India, had a turnover of ₹815 crore in 2021-22
(April-March), and is primarily known for its flat steel products which
include cold rolled coils, galvanised corrugated sheets, colour coils
and pre-painted profile sheets etc.

This buyout is seen bringing synergy in terms of operations,
procurement, marketing and sales for JSW Steel, it said. In
accordance with the resolution plan, shares of National Steel and
Agro will now be delisted from the exchanges.

JSW Steel has, in the past, acquired Bhushan Power and Steel and

CONSTRUCTION VISION 7 JUNE-JULY 2023