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JSW Steel pays Rs 225 cr to Welspun Corp

Capital Market 

On acquisition of high-grade steel plates and coils business

JSW Steel has acquired the high-grade steel plates and coils business of Welspun Corp on slump sale basis. Towards this acquisition, the company has paid Rs 225 crore to Welspun Corp as on 30 April 2021. The balance consideration, which is subject to closing adjustments towards net working capital, shall be paid on a deferred basis, subject to Welspun fulfilling certain regulatory approvals and payment milestones as provided under the Business Transfer Agreement dated 31 March 2019, as amended from time to time.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Sat, May 01 2021. 15:42 IST