JSW Steel is set to make JSW Vallabh Tinplate (JSW VTPL) its wholly-owned subsidiary with the acquisition of the remaining 26.45pc shares. The steelmaker has signed an agreement to purchase 13,237,227 equity shares of Rs10 each, to be completed in one or more tranches. These Rs350mn worth shares were with third-party shareholders, said the company.
The transaction is likely to conclude by March 31, 2021. JSW VTPL has an annual tinplate production capacity of 100,000mt with a manufacturing facility in Beopror Village, Punjab.