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.
($1=Rs74.47)