Jindal Stainless To Bid For Salem Plant. (Business Line 17.12.99)

Jindal Stainless Ltd. today said it would bid for Salem Steel Plant and acquire a cold rolled steel plant in the US

The company, in a letter to the Bombay Stock Exchange (BSE) on Thursday, said it would be entering into a joint venture with S.B. International to acquire a 60,000-tonnes-per-annum cold rolled steel plant of Bethlem Steel located in Masilion in the US.

It would have a controlling stake in the venture and would raise $30 millions in Foreign Currency Convertible Bonds.

The board has also decided to acquire a controlling stake in Jindal Transworld Pvt. Ltd., the letter said.


Jindal Stainless To Bid For Salem Plant. (Indian Express 18.12.99)

Jindal Stainless Ltd., part of the OP Jindal Group, has decided to bid for the Salem Steel Plant.

The company has also decided to enter into a joint venture agreement with SB International for acquiring the Bethlem Steel cold rolling stainless steel facility at Masilion in the US.

The company board has taken a decision to this effect at a meeting on December 15.

The company, in a letter sent to the Bombay Stock Exchange (BSE), said that it proposes to purcahse majority shareholding of Jindal Transworld Pvt. Ltd. for making it a subsidiary company and transfer the Vasind division of the company to it.

The letter also said that it is planning to approve a draft offer document for foreign currency convertible bonds issue of $30 million.

It may be recalled that JISCO was planning to take over the Vasind unit but it was stalled due to objections from financial institutions.


Jindal Stainless To Bid For Salem Plant. (The Times of India 17.12.99)

Jindal Stainless Ltd. (JSL) has decided to bid for Salem Steel plant of the Steel Authority of India Ltd. (SAIL). In a notice to stock exchanges, the company said its board has taken a decision to this effect. It also said JSL would enter into a joint venture with SB International for acquisition of cold rolling stainless steel facility of 60,000 tpa of the US-based Bethleham Steel, where JSL would have a controlling stake.