Jindal Stainless (Hisar) to be merged into Jindal Stainless
India's Jindal Stainless (Hisar) Limited (JSHL) will be merged into the group company Jindal Stainless Limited (JSL). The companies stated that the merger of JSHL and JSL will simplify the capital structure and expand the combined business volume to about US$2.73 billion.
After the merger, the annual smelting capacity will reach 1.9 million tons and it will become the only Indian company among the top 10 stainless steel companies in the world.
At the same time, JSL will become a single listed entity in the stock exchange, with the sponsors holding about 57% of the shares, while the remaining 43% will be held by the public.
The merger process was expected to be completed in the fiscal year 2021-2022 and required the approval of shareholders, creditors, statutory bodies, and the National Company Law Tribunal.
