JSW Steel completes payment of consideration to Welspun Corp for acquisition of PCMD business

JSW Steel said in the statement that it had paid an amount of (i) as on April 30, 2021 as part consideration for the acquisition of the PCMD Business, and (ii) Rs498cr on June 8, 2021, as part consideration for the acquisition of the PCMD Business.

Jul 26, 2021 04:07 IST India Infoline News Service

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JSW Steel on Saturday said in the filing that it had acquired from Welspun Corp on a slump sale basis, the business of manufacturing of high-grade steel plates and coils (PCMD Business.)

The cost for consideration of Rs848cr, subject to closing adjustments towards net working capital, and that the consideration was to be paid on a deferred basis.

JSW Steel said in the statement that it had paid an amount of (i) as on April 30, 2021, as part of the consideration for the acquisition of the PCMD Business, and (ii) Rs498cr on June 8, 2021, as part consideration for the acquisition of the PCMD Business.

“We now wish to inform you that the balance consideration of INR 85,69,80, 773/- (Rupees Eighty Five Crores Sixty Nine Lakhs Eighty Thousand Seven Hundred and Seventy Three only), after making closing adjustments towards net working capital, has been paid to Welspun on July 23, 2021, and that there is no further consideration payable to Welspun for the acquisition of the PCMD Business,” the company said.

JSW Steel Ltd ended at Rs704.40 down by Rs13 or 1.81% from its previous closing of Rs717.40 on the BSE.

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