Post the acquisition, MSL has become a wholly-owned subsidiary of the company.
The company had agreed to acquire a 51.25% stake in the target company in November 2021.
This change of ownership will have little impact on the day-to-day activities, the company said.
The process for the acquisition of NINL is likely to be completed within the next couple of months.
The name of the subsidiary is proposed to be changed to CUMI AWUKO Abrasives GmbH subject to the completion of formalities as per German laws, the company said.
The Company has started the process for acquisition of Plant.
This is a strategic acquisition for the Tata Steel business in India with around one million tons per annum of steel-making capacity, the company said.
Welspun Corp surges near 2% amidst the gloom in the sector at Rs193.80 per piece.
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