Jindal Stainless acquires remaining 46% stake in CSPL
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Update time : 2024-08-05 19:32:35
Chromeni Steels Private Limited (CSPL) has become a wholly-owned subsidiary of Jindal Stainless as Jindal Stainless acquired the remaining 46% equity of the company and completed the full acquisition of CSPL.
Jindal Stainless CEO Tarun Kumar Khulbe previously said that the full acquisition of CSPL will help them improve the value chain. The plant is expected to be operational soon to supply domestic demand as strong domestic demand is growing at an annual rate of 7-9%.
In addition, the company has invested approximately INR 7.15 billion to develop and operate a stainless steel smelting plant in Indonesia with another joint venture, with an annual production capacity of 1.2 million tons.
Secondly, JSL has also invested approximately INR 19 billion and 14.5 billion respectively to expand its downstream production lines and upgrade infrastructure in Jajpur, Odisha.
