India’s JSW Limited completed the acquisition of Welspun Corporation Limited’s high grade steel plate and coil manufacturing business on March 31, two years after the deal was signed, according to a regulatory filing by Welspun on Friday, April 2.
Under the transfer agreement, Laptev Finance Limited, a JSW Group company, will acquire Welspun’s steel plate and coil division for a consideration of around $116 million, the regulatory filing said.
Welspun on March 31, 2019, had announced the sale of its plate and coil mill, as part of its plan to divest non-core assets to pare debt liabilities, in favour of Laptev Finance, subject to approval by the Competition Commission of India.
JSW Limited in a statement said that the plate and coil mill will add strategic importance to the company by expanding its value-added and special products portfolio, particularly the mill for producing plate, in which the company so far has not had a presence.