Jindal Steel & Power’s Subsidiary Acquires Allied Strips for Rs. 217 Cr.
Jindal Steel & Power Ltd. (JSPL), through its wholly-owned subsidiary Jindal Steel Odisha Ltd., has acquired Allied Strips Ltd. for Rs. 217.53 crore. Allied Strips, incorporated in 1992, is a Haryana based manufacturer of Steel products including hot rolled coils, cold rolled coils and Cold Rolled Close Annealed (CRCA) Steel.
The company has a manufacturing plant in Bahadurgarh, Haryana with capacity to produce over 3,00,000 Metric Tonne (MT) of HR coil per annum and a variety of other steel products. Allied Strips was admitted into NCLT in 2018 under the Insolvency and Bankruptcy Code (IBC).
Through this acquisition, Jindal Steel Odisha will be expanding its product portfolio. In its official stock filing pertaining to this acquisition Jindal Steel & Power mentioned that the steel products that will be manufactured by Jindal Steel Odisha can be used as raw materials by Allied Strips. The company has acquired 100% equity share in Allied Strips with cash as the mode of payment.
