 "JSW Steel completes acquisition of Vardhman Industries for Rs 63.50 crore")
JSW Steel on Tuesday said it has completed the acquisition of Vardhman Industries Ltd (VIL) by infusing Rs 63.50 crore into the debt-ridden company.
The acquisition has been done as per the resolution plan approved by the lenders of VIL and the National Company Law Tribunal (NCLT).
JSW Steel also said it has acquired 100 per cent equity shares of VIL by infusing Rs 63.50 crore into the company as per the plan, which was also clarified by the National Company Law Appellate Tribunal (NCLAT) in an order on December 4.
Following this, VIL has become a wholly-owned subsidiary of JSW Steel, the company said in a regulatory filing.
"JSW Steel has infused Rs 63.50 crore in VIL and has been issued equity shares and compulsorily convertible debentures in VIL in lieu thereof," the company said in the filing.
VIL manufactures galvanised tubes, coils, precision steel tubes, corrugated steel tubes, and cold-rolled steel sheets, among others.
Earlier, NCLAT had set aside conditions imposed by NCLT on JSW Steel related to unrecovered dues, carried-forward losses and rights of subsidiaries in VIL.