Jindal Stainless Acquires Remaining 46% Stake in Chromeni Steels

Jindal Stainless acquires remaining 46% equity stake in Chromeni Steels Private Limited in strategic move

New Delhi, June 17, 2024: Jindal Stainless, India’s largest stainless steel manufacturer, acquired the remaining 46% equity stake in Chromeni Steels Private Limited (CSPL) as part of a strategic move to ensure better alignment and operational efficiency. The development makes CSPL a wholly owned subsidiary of Jindal Stainless, effective June 14, 2024. The transaction entails a total outlay of ~INR 278 crore, comprising payment towards equity transfer and payment of shareholders’ debt. Jindal Stainless had earlier acquired 54% equity stake in CSPL through an indirect acquisition deal.

Commenting on the development, CEO, Jindal Stainless, Mr Tarun Kumar Khulbe, said, “The acquisition of 100% equity stake in Chromeni will help us climb the value chain. Since we expect the facility to be operational soon, this strategic move will enable the company to capitalise on the robust domestic demand, which is increasing at the rate of 7-9% every year, immediately. This acquisition also underscores our commitment to driving growth and maintaining our leadership in the Indian stainless steel market.”

CSPL, which owns a 0.6 MTPA cold rolling mill located in Mundra, Gujarat, augments the capacity of cold rolled products in Jindal Stainless’ overall product mix.