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Shareholders, creditors approve Jindal Stainless Steel-JSHL merger

Having a total melting capacity of 0.8 million tonne per annum (MTPA), the Hisar-based JSHL is the largest specialty stainless steel producer in India with a diversified value-added product portfolio

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Jindal Stainless Steel | Jindal Stainless | Jindal Group

Press Trust of India  |  New Delhi 

Jindal stainless, steel, imports
Representational Image

The merger of Ltd (JSL) and (Hisar) Ltd (JSHL) into a single entity has been approved by the shareholders and creditors of the two firms.

As per the regulatory requirements, the two convened meetings of their respective shareholders and creditors for approving the Scheme of Arrangement between the two firms, JSL said in a statement on Tuesday.

"Shareholders and creditors of JSL and JSHL approved the merger 'Scheme of Arrangement' by a majority," it added.

The meetings were organised on April 23 following the order of the (NCLT), Chandigarh Bench. The will now file the second motion application with the NCLT, it said.

"We are happy that our shareholders and creditors have approved the scheme for merger by an overwhelming majority. This is a testimony to their confidence that merger is value-accretive for all stakeholders of both the ... hope to complete the merger in FY23," JSL's Managing Director Abhyuday Jindal said.

Having a total melting capacity of 0.8 million tonne per annum (MTPA), the Hisar-based JSHL is the largest specialty stainless steel producer in India with a diversified value-added product portfolio.

JSL owns and operates 1.1 MTPA stainless steel plant in Jajpur, Odisha.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, April 26 2022. 19:19 IST
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