M&A

M&A

Jindal Steel and Power acquires Allied Strips for Rs.218-Cr

Economic Times  

New Delhi-based Jindal Steel and Power, through its Bhubaneswar-based unit Jindal Steel Odisha (JSO), has acquired Haryana-based manufacturer of steel products Allied Strips Ltd (ASL) for INR 217.53 crore in cash. The acquisition includes 100% equity in Allied Strips, besides acquiring the optionally convertible debentures issued by Allied Strips.The steel produced at JSO can be used as a raw material for Allied Strips.Allied Strips, which had reported a turnover of INR 4.84 crore in FY24, has a facility at Bahadurgarh district in Haryana.