Gurugram, July 20, 2023: Jindal Stainless Limited (JSL), India’s largest stainless steel manufacturing company, today completed the acquisition of Jindal United Steel Limited (JUSL). Earlier, JSL held 26% stake in JUSL; it has now acquired the remaining 74% equity stake in JUSL for a cash consideration of INR 958 crores. The transaction makes JUSL a 100% owned subsidiary of JSL.
JUSL has been operating the Hot Strip Mill (HSM) of 1.6 million tons per annum (MTPA) capacity and a Cold Rolling Mill of 0.2 MTPA capacity. It is also undergoing capacity expansion up to 3.2 MTPA at Jajpur, Odisha.
Commenting on the acquisition, Managing Director, JSL, Mr Abhyuday Jindal, said, “Given the strong outlook on stainless steel and the association of JUSL and JSL, the Board of Directors of JSL decided to consolidate all the critical facilities of stainless steel manufacturing under one umbrella. This acquisition would result in improved synergies between both the companies and a preferred governance structure, thereby enhancing value for all stakeholders.”
The Board of Directors and the shareholders of JSL had earlier approved the transaction.
About Jindal Stainless
India’s leading stainless steel manufacturer, Jindal Stainless, has an annual melt capacity of 2.9 MT and an annual turnover of INR 35,700 crore (US $4.30 billion) in FY23. It has two stainless steel manufacturing facilities in India, in the states of Odisha and Haryana, and an overseas unit in Indonesia — this unit serves the markets of South-East Asia and nearby regions. Jindal Stainless has a worldwide network in 15 countries and one service center in Spain. In India, there are 10 sales offices and six service centers. The Company’s product range includes stainless steel slabs, blooms, coils, plates, sheets, precision strips, blade steel, and coin blanks.
Integrated operations have given Jindal Stainless the edge in cost competitiveness and operational efficiency, making it one of the world’s top five stainless steel players (ex-China). Founded in 1970, Jindal Stainless continues to be inspired by a vision for innovation and enriching lives and is committed to social responsibility. The Company boasts of an excellent workforce, value-driven business operations, customer centricity and the best safety practices in the industry.