Posted on 07 Jan 2020
JSW Steel has completed its acquisition of Vardhman Industries Limited (VIL) after infusing its commitment of INR 63.50 crores ($8.9 million) in VIL. JSW has thus been issued equity shares and compulsorily convertible debentures in VIL, and now holds a 100% stake in the coil coater.
Rajpura-based Vardhman Industries Limited is a producer of hot-dip galvanized and colour-coated coil, with a 2,500-3,000 tonnes/month production capacity.
Its revenue fell -8% on-year in the six months through September to INR 3,761.94 lakhs ($5.3m) and net loss deepened 69% to INR 315.08 lakhs.
The acquisition comes after the National Company Law Appellate Tribunal (NCLAT) accepted last month JSW’s appeal to overturn earlier modifications made to its Resolution Plan (see Kallanish passim).
Source:Kallanish
