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Welspun Corp update on business transfer agreement with JSW Steel

Capital Market 

Welspun Corp provided an update on the business transfer agreement with JSW Steel dated 31 March 2019 for sale of plates and coils mill division for Rs 848.50 crore.

Owing to Covid-19 pandemic and the lock-down conditions, the work relating to regulatory approvals got affected and delayed beyond 31 May 2021, though significant progress was achieved in this regard.

An amount of Rs 225 crore has already been received by the Company as on 30 April 2021. The balance consideration will be received on obtaining aforesaid regulatory approvals and payment milestones.

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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: Wed, June 02 2021. 11:33 IST