JSW Steel probably signs a deal worth Rs 1,000 crore to acquire Welspun Maxsteel during Thursday. The Welspun Maxsteel is located in the Raigad, Maharashtra.
Welspun Corporation has 99.85 percent share in Welspun Maxsteel. After this deal, JSW Steel can acquire 100 percent share in the company. JSW will take over and refinance the Maxsteel’s debt of about Rs 1030 crore after this deal. JSW steel now has a debt amounting Rs 32,000 crore.
The company added that this deal with help its Dolvi Plant in the district and to increase its overall steel production capacity.