JSW Steel buys UK steel firm for Rs 31cr

JSW Steel today announced the acquisition of UK-based Argent Independent Steel at an enterprise value of 3.7 million pound (about Rs 31 crore).

"JSW Steel, through its wholly-owned subsidiary JSW Steel (UK), has entered into a share purchase agreement to acquire 100% stake in Argent Independent Steel (Holdings), UK, which, in turn, owns all the shares of Argent Independent Steel," Sajjan Jindal, vice-chairman and managing director, JSW Steel said.

The annual steel processing capacity of the company is 0.15 MT, he said and added: "JSW proposes to fund the cost of the acquisition out of its cash accruals."

Jindal also announced that JSW Steel has acquired a cold rolling complex at a cost of Rs 63.34 crore at Vashind, Maharashtra.