JSW Steel says NCLT approves its plan to acquire 100% stake in NSAIL

JSW Steel on Monday said NCLT-Mumbai has approved Rs 621-crore resolution plan submitted by its subsidiary JSW Steel Coated Products Ltd (JSWSCPL) for debt-laden National Steel and Agro Industries Ltd (NSAIL). "We now inform you that the written order of NCLT approving the resolution plan has been received," JSW Steel said in a BSE filing.

JSW Steel through JSWSCPL proposes to acquire 100 per cent equity shareholding in NSAIL.

"The total consideration for acquisition of the target is Rs 621 crore," it said.

The acquisition of NSAIL is proposed to be completed within 30 days from the effective date as contemplated in the resolution plan.

NSAIL is a public limited company that manufactures and exports steel. It has diversified interests across industries such as steel, agriculture, and power.

"Its acquisition will bring synergy in terms of operations, procurement, marketing and sales of the business," JSW Steel said.