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JSW acquires equity shares held by WEL in WMSL

India Blooms News Service | | Aug 19, 2014, at 03:36 am

#JSW acquires equity shares held by WEL in WMSL

Mumbai, Aug 18 (IBNS): JSW Steel Limited has entered into a definitive agreement with WEL, pursuant to which the company shall acquire the entire equity shares held by WEL in WMSL for an enterprise value of Rs 1000 crores plus net current assets as of an agreed date of Aug 31, 2014, subject to the relevant regulatory approvals and customary closing conditions.

Seshagiri Rao, Jt MD & Group CFO said, “This acquisition is value accretive to JSW Steel due to synergies in supplying surplus pellets to Welspun MaxSteel and use of DRI from WMSL in company’s steel-making operations at Dolvi plant.”

WMSL has an installed capacity of 0.9 MTPA gas based DRI plant, with a captive jetty and a captive railway siding.

DRI plant is located in Salav village in Raigad district of Maharashtra. Captive jetty has an existing capacity of 2.5 MTPA which is located at 1.8 km from the plant, while the captive railway siding is located at Roha junction on national Konkan Railway, 35 km from the DRI plant. WMSL also has vacant land of approx. 4

The company has surplus pellets in its subsidiary Amba River Coke Limited which will be supplied to WMSL.

The cost of production in WMSL is expected to come down due to replacement of significant portion of its bought-out pellets with captive pellets.

The DRI produced by WMSL shall initially be used partly by the company’s Dolvi unit, and would be consumed in the entirety post completion of its ongoing expansion to 5 MTPA.

Ernst & Young and Luthra & Luthra carried out financial and legal due diligence respectively for the Company.

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