Jindal Stainless has completed the acquisition of the remaining 46% stake in Chromeni Steels Private Ltd (CSPL) for Rs 278 crore, making CSPL a wholly-owned subsidiary of the company effective June 15, 2024.
This move follows Jindal Stainless’ earlier acquisition of a 54% equity stake in CSPL through an indirect deal valued at Rs 1,340 crore.
The total investment in acquiring CSPL now stands at Rs 1,618 crore for Jindal Stainless. According to Tarun Kumar Khulbe, CEO of JSL, this acquisition of 100% equity in Chromeni Steels will strategically position the company to enhance its value chain capabilities.
He highlighted that with CSPL’s 0.6 MTPA cold rolling mill in Mundra, Gujarat, expected to commence operations soon, Jindal Stainless aims to capitalize on the strong domestic demand, which has been growing at a rate of 7-9% annually.
This acquisition marks a significant strategic move for Jindal Stainless as it strengthens its presence in the steel sector, leveraging CSPL’s operational capacities and enhancing its competitive edge in the market.