The acquisition will be carried out through the company’s arm as part of the arrangement to acquire the BPSL steel business.
According to the company, the transaction will involve the acquisition of the BPSL steel business undertaking through a slump sale structure on a going concern basis.JSW Steel also said it has entered into a joint venture arrangement with JFE Steel of Japan in relation to the BPSL steel business undertaking.
The joint venture with JFE Steel will be associated with the steel business undertaking of BPSL.The transaction structure involves the acquisition of the BPSL steel business by the JSW Steel arm while also establishing the joint venture with the Japanese steel company.
The company stated that the BPSL steel business undertaking will be acquired through a slump sale as a going concern.
JSW Steel further noted that the joint venture with JFE Steel relates to the BPSL steel business undertaking.
The arrangement involves the JSW Steel arm acquiring the BPSL steel business undertaking while also forming the joint venture with JFE Steel of Japan.
Also read: JSW Steel arm completes $74.24 million acquisition of 92% stake in Minas de Revuboe
Shares of JSW Steel Limited ended lower on the National Stock Exchange, closing at ₹1,130.30, down ₹25.70 or 2.22%.
