JSW Steel, a leading steel producer, announced the acquisition of flat steel producer National Steel and Agro Industries (NSAIL) through its wholly owned subsidiary JSW Steel Coated Products. The acquisition will be made through the bankruptcy court for a cash consideration of ₹621 crore. JSW Steel received approval for the resolution plan from the Mumbai bench of the National Company Law Tribunal (NCLT) last week and the transaction is expected to close within 30 days from the effective date specified in the resolution plan.
National Steel and Agro Industries, headquartered in India, is known for its flat steel products such as cold rolled coil, galvanised corrugated sheet, coloured coil and pre-painted profiled sheet. The company reported a turnover of ₹815 crore in FY 2021-22. JSW Steel expects this acquisition to create operational, procurement, marketing and sales synergies.
As per the resolution plan, National Steel and Agro's shares will be delisted from the stock exchange. JSW Steel had earlier acquired Bhushan Power and Steel and Monnet Ispat and Energy through insolvency proceedings. With an existing steel production capacity of 27 million tonnes in India, this latest acquisition further strengthens JSW Steel's position in the industry.
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