JSW Steel to close Vardhman Industries deal by December
Sajjan Jindal-promoted JSW Steel plans to close the deal to acquire Vardhman Industries for ₹127 crore by December-end as it has received the clarification sought from the National Company Law Appellate Tribunal (NCLAT).
The company also expects the acquisition of Asian Colour Coated and Bhushan Power and Steel, to be completed by the March quarter.
Seshagiri Rao, Joint Managing Director, JSW Steel told BusinessLine that the clarification given by NCLAT in the case of Vardhman Industries is very satisfactory and the fund will be transferred by this month end.
As per the approved resolution plan, JSW Steel will infuse ₹63.5 crore in Vardhman Industries through equity shares or debt within 30 days from the date of NCLT order. It will pay ₹62.5 crore to financial creditors while operational creditors will get ₹1 crore.
