JSW Steel to acquire Neotrex Steel in Rs.96-Cr deal

BSE Disclosure  

JSW Steel Limited is to make a strategic investment of INR 96 crore to acquire a controlling stake in Mumbai-based Neotrex Steel. The target company is setting up a project to produce Low Relaxation Pre-Stressed Concrete (LRPC) strands with an annual capacity of 144000 TPA at an estimated cost of INR 340 crores. The project is being funded by INR 120 crore of equity and compulsory convertible debentures and remaining INR 220 crore will be tied-up through external borrowings. LRPC strands are used in almost all types of heavy-duty industrial construction, high rise buildings and infrastructure projects.

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