India’s Jindal Stainless Hisar to be merged into Jindal Steel

Wednesday, 30 December 2020 13:58:17 (GMT+3)   |   Kolkata
       

Jindal Stainless Hisar Limited (JSHL) will merge into group company Jindal Steel Limited (JSL), a company statement said on Wednesday, December 30.

“The merger of JSL and JSHL will induce a simplified capital structure, expanding the turnover over the merged business to around $2.73 billion,” Abhyuday Jindal, managing director, JSL and JSHL, said in the statement.

“With 1.9 million mt per year melting capacity, the merged entity will be the only Indian company in the league of the top 10 stainless steel companies in the world,” he said.

After the merger, JSL will be the single listed entity on stock exchanges and the promoter holding will be around 57 percent, while the remaining 43 percent will be held by the public.

The merger process is expected to be completed in the fiscal year 2021-22 and to be subject to approvals of shareholders, creditors, statutory authorities and the National Company Law Tribunal.


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