Indian steelmakers JSW Steel Ltd and JSW Ispat have announced that they have completed the integration of the two businesses. In December 2010, the companies entered into a definitive agreement according to which JSW Steel bought a controlling stake in Ispat.
The merger with one equity share of JSW Steel equal to 72 equity shares of JSW Ispat has been approved at meetings of the boards of directors of both companies.
The integration of JSW Ispat into JSW Steel is expected to bring significant strategic advantages such as alternative steelmaking technologies and the ability to achieve swift capacity expansion. Following the merger, JSW Steel will become one of India's leading steel companies with an installed capacity of 14.3 million mt.
The merger is expected to be completed by the end of the current financial year.