Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

JSW Steel has completed the acquisition of the steel plate and pipe business of Welspun Corp by paying the last installment of Rs860mn ($11.54mn), according to an exchange filing by the company. 


JSW steel had paid Rs2,250mn in April and another Rs4,980mn in June. In April, JSW announced the acquisition of the high-grade steel plates and coils business of Welspun on a plunge sale basis for Rs8,480mn. 


The company has acquired a few downstream companies, including Vardhman Industries at Rs690mn via Insolvency and bankruptcy code in 2019, followed by the acquisition of Monnet Ispat and Asian Color Coated. 


JSW has also finalized a deal for the assets of Bhushan power and steel for Rs193,000mn. However, the Enforcement Directorate has attached the plant, following a money-laundering investigation against the company’s promoter. 



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