JISCO to take over 52% stake in SISCOL
According to recent news in the market, Indian steel producer Jindal Iron & Steel Company (JISCO) is planning to take over a 52% stake in Southern Iron and Steel Company (SISCOL) from Lakshmi Machine Works. JISCO will reportedly sign a memorandum of understanding (MoU) with Lakshmi Machine Works for the takeover in the coming days. SISCOL has an annual longs production capacity of 500'000 tons. The takeover also covers a debt of Rupees 8.5 billion ($183 million). However, a significant amount of the debt will be converted into equity.