JSW Steel has told stock markets that it will purchase flat-steel manufacturer National Steel and Agro Industries (NSAIL) through the bankruptcy court for a cash payment of 621 crore through its wholly-owned subsidiary JSW Steel
Coated Products. The acquisition will be finished within 30 days of the effective date as specified in the resolution plan, which the steelmaker received approval for last week from the Mumbai bench of the National Company Law Tribunal (NCLT). With a turnover of 815 crore in 2021-22 (April-March), National Steel and Agro Industries, a producer and exporter of steel from central India, is best known for its flat steel products, which include cold rolled coils, galvanised corrugated sheets, colour coils, and pre-painted profile sheets, among others.
JSW Steel will benefit from operational, purchasing, marketing, and sales synergies as a result of this acquisition. Shares of National Steel and Agro will now be delisted from the exchanges in compliance with the resolution plan. Bhushan Power and Steel and Monnet Ispat and Energy were previously bought by JSW Steel via bankruptcy as well. India currently has a 27 million tonne per year steel production capacity.
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