JSW Steel gets NCLT approval for amalgamation plan

JSW Steel gets NCLT approval for amalgamation plan

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JSW Steel has received approval from the National Company Law Tribunal (NCLT) for the scheme of amalgamating its four units.

The company has merged Dolvi Minerals and Metals with Dolvi Coke, JSW Steel Processing Centres with JSW Steel, JSW Salav with JSW Steel.

Moreover, the company said in a separate statement that it has acquired 10,000 equity shares of ₹10 each comprising the entire issued and paid-up equity share capital of Piombino Steel Limited from JSW Techno Projects Management Limited. The transaction was completed through its nominees.

Further, Piombino Steel has acquired 8,000 equity shares of ₹10 each comprising the entire issued and paid-up equity share capital of Makler from JSW Techno Projects Management.

Piombino Steel has now become a wholly-owned subsidiary of the company and Makler has become a wholly-owned subsidiary of Piombino Steel.

Source- Livemint.

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