The deal, which included the sale of the entire shareholding of WMSL held by WEPL to JSW Steel, was cleared by 'the Competition Commission of India' on September 23, the company said in a release issued here.
The deal concluded with further infusion of about Rs 19.4 crore by WEPL after adjusting the value of net current assets receivable by it to fulfill the gap between the current long term loan liabilities of WMSL and amount infused by JSW in WMSL.
Welspun Group had earlier identified Welspun Maxsteel, as its non-core business, hence has accordingly exited the same.
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