MAY 20258JSW STEEL'S ACQUISITION OF BHUSHAN POWER DECLARED TO BE ILLEGALJINDAL INDIA INVESTS RS 100 CRORE TO ENTER STEEL PIPES AND TUBES SEGMENTJindal India Invests Rs 100 Crore to Enter Steel Pipes and Tubes SegmentJindal (India) Limited, a major player under the B.C. Jindal Group is investing Rs 100 crore to break into the steel pipes and tubes market. The company is setting up shop at its modern facility in West Bengal, aiming to make a splash in India's booming steel industry while supporting the "Make in India" campaign.This is a big shift for Jindal (India), which has been a go-to name for galvanized and color-coated steel sheets, cold-rolled steel, and API pipes since 1952. The new venture will JSW Steel 's Rs. 19,700 crore resolutions for Bhushan Power and Steel Ltd (BPSL) have been rejected by the Supreme Court, claiming the resolution to be illegal. The court declared, "The resolution Plan of JSW was illegal and should not have been accepted by CoC." The report suggests that the Supreme Court has given the verdict for the liquidation of Bhushan Power and Steel.Bhushan Steel's 46 percent stake was acquired by JSW Steel in the year 2021. This was followed by the payment offer of Rs. 19350 crore to the creditors of Bhushan Steel. Additionally, JSW Steel has made an offer of up to Rs. 350 crore to the operational creditors against their claim of Rs. 733 crore. JSW progressed with its acquisition of stake, and by October 2021, Bhushan Steel's 86 percent was gained by JSW.The offered resolution was approved by the National Company Law Tribunal. But now this resolution has been considered illegal, the share price of JSW Steel is now trading at a low rate of 7 percent. The trajectory of this share has been 8 percent down from last month. The drop in the share price is considered the result of the Supreme Court's decision on the case. Many are speculating that this may affect the future decisions of IBC. churn out 5,000 metric tonnes of steel section pipes and tubes each month, with the company eyeing Rs 315 crore in yearly sales by FY26. The move will help Jindal grow its reach in current markets and explore new ones across the country.The B.C. Jindal Group, a USD 2.5 billion powerhouse, has been a big name in steel, packaging, and energy for over 70 years. "This investment reflects our commitment to industrial growth and innovation," said a Jindal (India) spokesperson. "By entering the steel pipes segment, we aim to meet rising infrastructure demands and contribute to India's economic development." The new pipes will be used in everything from oil and gas to highways and safety barriers.Industry insiders say this is a smart play, given India's push for better roads, bridges, and cities. The project is also expected to create jobs and support India's goal of producing more of its own steel.Jindal (India) has a strong network of dealers and customers worldwide, built on the vision of its founder, Shri B.C. Jindal. This latest move shows the company is ready to adapt and thrive in a fast-changing market. With this investment, Jindal is not just expanding its business - it's helping build a stronger, self-reliant India. TOP STORIES
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