JSW Steel acquires plates and coil mill division from Welspun Corp for Rs848.50cr

Laptev assigned all its rights and obligations under the BTA to JSW Steel

Apr 01, 2021 02:04 IST India Infoline News Service

Welspun Corp
Welspun Corp on Thursday announced that JSW Steel has acquired its Plates and Coil Mill Division (“PCMD Division”) for consideration of Rs848.50cr.

Last year, Welspun entered into a business transfer agreement with Laptev Finance for the sale of the PCMD division.

Laptev is a JSW Group company.

On Wednesday, Laptev assigned all its rights and obligations under the BTA to JSW Steel. Accordingly, the PCMD Division is transferred to JSW Steel Limited w.e.f. March 31, 2021.

At around 2.28 pm, Welspun is trading at Rs145 per piece up 4.2%. Meanwhile, JSW Steel trades at Rs501.10 per piece higher by 7.11% on Sensex. 

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