Jindal Stainless has acquired the remaining 46% stake in Chromeni Steels Private Ltd (CSPL) for Rs 278 crore, making CSPL as Jindal Stainless' wholly-owned subsidiary as of June 15, 2024. This move completes the acquisition process that began with an earlier 54% stake purchase for Rs 1,340 crore, bringing the total investment to Rs 1,618 crore.
The acquisition of a 100% equity stake in Chromeni will help us climb the value chain, said JSL CEO Tarun Kumar Khulbe. With the facility expected to be operational soon, this strategic move will enable us to capitalize on the robust domestic demand, which is increasing at a rate of 7%-9% annually.
CSPL operates a 0.6 MTPA cold rolling mill in Mundra, Gujarat. The acquisition includes payments for both equity transfer and shareholders' debt, positioning Jindal Stainless to better meet growing market needs.