Jindal Stainless (Hisar) Ltd (JSHL) on Tuesday said its board has approved the company’s merger into the country’s largest stainless steel maker Jindal Stainless Ltd (JSL).
Having a total melting capacity of 0.8 million tonne per annum (MTPA), Hisar-based JSHL is the largest specialty stainless steel producer in India with a diversified value-added product portfolio. In a BSE filing, the company said its “board has considered and approved…amalgamation of JSHL (the amalgamating company into and with Jindal Stainless Ltd”.
In a joint statement, the companies claimed the merger will create a mega stainless steel entity that will be among the top-10 stainless steel companies in the world and the largest stainless steel company in India. As per the proposed structure, the mobility business of JSL Lifestyle Ltd, a subsidiary of JSHL, would be merged into JSL. —With PTI
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