JSW Steel on the buzz of planning to acquire Welspun Maxsteel

 

    JSW Steel is reportedly set to sign deal worth Rs 1,000 crore to acquire Welspun Maxsteel. The company will also take over debt of Welspun Maxsteel Currently, JSW Steel's debt stood at around Rs 32,000 crore.
     The deal will help JSW to cut production cost by supplying surplus raw material to make sponge iron cheaper.
     JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products. 
     The promoters holding in the company stood at 38.54% while Institutions and Non-Institutions held 24.60% and 36.86% respectively.
     The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 1324.50 on 11-Jan-2014 and a 52 week low of Rs 451.50 on 19-Aug-2013.
     JSW Steel is currently trading at Rs 1279, up by 105.75 points or 9.01% from its previous closing of Rs 1173.25 on the BSE.