Jindal Stainless Limited Board Approves Rs 96 Crore Acquisition of Rabirun Vinimay Under Liquidation

20 Dec 2023 , 10:58 AM

Jindal Stainless Limited (JSL) board approves the acquisition of Rabirun Vinimay Private Ltd, currently under liquidation, for Rs 96 crore.

The acquisition involves a 100% stake in RVPL, a company under liquidation, conducted on a going concern basis as per the provisions of the Insolvency and Bankruptcy Code, 2016.

RVPL possesses a downstream cold-rolling manufacturing capacity of 250 KTPA for wider and thinner segments, along with a capacity of 50 KTPA for the pipe and tube segment.

The plant is located at Vidyasagar Industrial Park, Kharagpur, West Bengal, covering over 60 acres of land, although currently non-operational.

The proposed acquisition aligns with JSL’s objective of enhancing cold-rolling capabilities for various applications, including auto, large household appliances, lift and elevators, and surface critical applications.

Completion of the acquisition is contingent upon receiving the sale certificate from the official liquidator of the insolvent company, expected within the current financial year.

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