JSW Steel acquires balance 50% stake in NSL Green Steel Recycling

28 Sep 2023 , 09:50 AM

JSW Steel said that it has acquired the remaining 50% ownership in NSL Green Steel Recycling Limited.

NSL became a wholly-owned subsidiary of JSW Steel once the acquisition was completed, according to a regulatory filing. JSW finalized the acquisition of National Steel Holding Limited (NSHL)’s whole 50% ownership in NSL on September 27, 2023, it added.

JSW’s shareholding in NSL has increased from 50% (pre-acquisition) to 100% (post-acquisition) as a result of the completion of this acquisition and other closing conditions specified in the Securities Purchase Agreement (SPA), and NSL has become a wholly-owned subsidiary of the company effective today,’ it said in its media filing.

Through a partnership agreement inked in August 2022, JSW Steel and New Zealand-based NSH established NSL Green Recycling jointly. The company, which has yet to begin operations, was expected to process and deliver scrap steel to JSW in order to aid in the company’s carbon footprint reduction.

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