In May 2013, crude steel output of JSW Steel rose 40 per cent to 10 lakh tonne after the amalgamation of its subsidiaries with itself. It may be noted that the Bombay High Court recently cleared the companyÂ’s composite scheme of amalgamation and arrangement with JSW Ispat Steel, JSW Building System and JSW Steel Coated Products. The production numbers for May 2012 did not include the production of Dolvi (of JSW Ispat Steel in Maharashtra) unit as the appointed date for the scheme was
Tag: JSW Ispat Steel
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JSW Steel-Ispat merger clears legal hurdle
On May 3, 2013, the Bombay High Court cleared the Composite Scheme of Amalgamation and Arrangement between JSW Steel and JSW Ispat Steel, both the firms informed the Bombay Stock Exchange (BSE). Post-merger, promoters of JSW Steel will hold 35.12 per cent in the merged entity, while company's second largest shareholder JFE Steel holding will come down to 14.9
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Majority of JSW Steel shareholders clear merger plan
In a communication to stock exchange, JSW Steel said it received approval from 99.99 per cent of shareholders in a recent meeting for merging JSW Ispat Steel with the company. Following this, the company awaits the approval of the Bombay High Court to complete the merger process
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SAIL-led consortium to meet Afghan officials
The Indian consortium, that won the bid to mine iron ore reserves in Hajigak near Kabul in Afghanistan over one year ago, would meet officials of mining ministry in the country in a month's time. Although the consortium bagged the mining asset over a year ago, it has not signed a mining contract with the Afghan government because of contentious
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Promoter firms offload 6.38% stake in JSW Ispat
Through both off and on market transactions, 10 promoter group companies of JSW Ispat Steel offloaded 6.38 per cent stake in the firm for Rs 174.47 crore, according to a communication to the stock exchange. All the 10 promoter firms belong to Pramod and Vinod Mittal or their families, which held less than 20 per cent
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JSW Ispat is the 2nd largest steel firm
JSW Ispat Steel is the second largest steel company in the country with a capacity of 14.3 million tonne per annum. The company became the second largest steel producer following the merger of Sajjan Jindal-led JSW Steel with JSW Ispat (formerly Ispat Industries). JSW Steel acquired Ispat Industries from the Mittals in December 2010 for Rs 2,160 crore.