India-based steelmaker
JSW Steel Ltd (
JSW Steel) has announced that it plans to buy a 50 percent stake in Punjab-based Vallabh
Tinplate Pvt Ltd (VTPL) for INR 460 million ($7.4 million) in two phases. In the first phase, JSW will acquire a 26 percent stake in VTPL, subject to customary closing conditions and third party consents.
According to
JSW Steel's statement, the company has a strategic goal to enhance the share of value-added products in its overall product basket to about 40 percent. This acquisition marks
JSW Steel's entry into the growing
tinplate business in
India.
VTPL is currently operating a 60,000 mt per year
tinplate manufacturing facility in the Patiala district in Punjab.