NEW DELHI : Sajjan Jindal-drove JSW Steel today said it will secure 74 for each penny stake in JSW Praxair Oxygen Pvt Ltd (JPOPL) for Rs. 240 crore in real money.
JPOPL produces modern gasses, for example, oxygen, nitrogen and argon. It has two air partition plants, each with a limit of 2,500 tons for each day, in Bellary region of Karnataka.
"JSW Steel has executed an offer buy concurrence with Praxair India to obtain their whole shareholding of 74 for each penny in JPOPL for a money thought of Rs. 240 crore," it said in an administrative recording.
JSW Steel holds 26 for every penny of the value shares of JPOPL and post the previously stated obtaining, JPOPL would turn into an entirely possessed auxiliary of the organization, it included.
The firm sources modern gasses from JPOPL, amongst others, at costs in view of long haul contracts.
"The said procurement is key in nature as it will give the organization the advantage of in reverse reconciliation of this basic info," JSW Steel said.
Deloitte Touche Tohmatsu India LLP and Bharucha and Partners, Advocates and Solicitors, completed the budgetary and legitimate due perseverance, separately, for the organization, it included.
Shares of JSW Steel were exchanging at Rs. 1,746.05, up 1.23 for each penny amid the pre-close session on the BSE.