Jindal Strips Ltd. demerges stainless operations
The
stainless steel operations of the Indian steel maker
Jindal's have been decided to demerge from
Jindal Strips Ltd. in view of the recent recommendations of Ernst&Young to restructure the company, targeting to enhance shareholder value.
By such demerging, the company aims to create a more focused
stainless steel company and a balanced capital structure for further growth in this business.
The procedures for the demerging will start off by April 2003 and the new company will be named
Jindal Stainless.