JSW Steel to buy 50 percent stake in Indian tinplate producer

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.