Hot Pursuit     14-Jun-24
Jindal Stainless acquires 46% stake in Chromeni Steels
Jindal Stainless said that it has acquired remaining 46% stake in Chromeni Steels (CSPL) for total consideration of Rs 277.90 crore.
CSPL has a cold rolling mill located in Mundra, Gujarat, with a capacity of ~0.6 MTPA.

This acquisition of CSPL would enable the company to increase its cold rolled capacity in its product mix which will strengthen the company’s presence in the value-added segment in the long term. now, acquisition of remaining 46% equity stake will further help in better control, uniformity of policies and greater synergies between the two companies.

The company will acquire 46% stake for total consideration of Rs 277.90 crore including payment of approximately Rs 188.19 crore towards equity purchase and Rs 89.71 crore towards CSPL’s debt.

Earlier, the company had already acquired 54% stake in Chromeni Steels (CSPL) through acquisition of 100% stake of Evergreat International Investment Pte Ltd, Singapore (EIPL).

Jindal Stainless is one of the largest stainless steel manufacturers in India, with steel melting capacity of 2.9 MTPA (including 0.8 MTPA in Hisar and 2.2 MTPA in Jajpur).

Jindal Stainless reported 27.73% decline in standalone net profit to Rs 476.36 crore in Q4 FY24 as against Rs 659.15 crore in Q4 FY23. Revenue from operations rose marginally to Rs 9,520.74 crore in the quarter ended 31 March 2024.

The scrip rose 0.66% to currently trade at Rs 821.25 on the BSE.

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