JSW Steel has agreed to acquire, by itself and through its nominees, 10,000 shares of Rs 10 each, comprising the entire issued and paid-up share capital, of Piombino Steel from JSW Techno Projects Management.
Further Piombino Steel shall, by itself and/or through nominees, acquire 8,000 shares of Rs 10 each, comprising the entire issued and paid-up share capital of Makler from JSW Techno Projects Management. Pursuant to the above, Piombino Steel shall become a wholly owned subsidiary of the Company and Makler shall become a wholly owned subsidiary of Piombino Steel.
JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.