India’s JSW completes acquisition of steel plate, coil mill assets from Welspun

Friday, 02 April 2021 15:57:21 (GMT+3)   |   Kolkata

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.

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