JSW Steel plans to close the deal for acquiring Vardhman Industries for Rs.127 crore by December-end as it has received the clarification from the National Company Law Appellate Tribunal (NCLAT).
As per the approved resolution plan, JSW Steel will give Rs. 63.5 crore to Vardhman Industries through equity shares or debt within 30 days from the date of NCLT order.An amount of Rs. 62.5 crore will be paid to financial creditors while operational creditors will get Rs.1 crore.
The company is also expecting to complete the acquisition of Asian Colour Coated and Bhushan Power and Steel by the March quarter.
Vardhman Industries are a leading manufacturer and exporter of galvanized tubes, galvanized coils, precision steel tubes, galvanized steel pipes, steel square tubes, corrugated galvanized coils, rolled prepainted coils, and more.
