JSW Steel on Friday (10 March 2023) announced that its wholly owned subsidiary, JSW Steel Coated Products (JSWSCPL), has acquired 31% stake in Ayena Innovations.
Ayena is a start-up registered by the Department for Promotion of Industry and Internal Trade and will be in the business of development, manufacturing, and sales of quick-to-install modular solutions including modular kitchens.Earlier in January, JSWSCPL entered into a shareholders agreement and a share subscription agreement with Ayena Innovation to acquire 31% stake for total consideration of Rs 5.99 crore based on the valuation report of a reputed valuer.
The acquisition will enable to explore new avenues to increase consumption of coated steel products. It will enable JSWSCPL to further diversify its customer portfolio mix and enhancing its presence in the retail business.
JSW Steel ls the flagship business of the diversified, JSW Group, is India's leading integrated steel company with a steel-making capacity of 28.5 MTPA in India and the USA (including capaclties under joint control).
The company reported 90% drop in consolidated net profit to Rs 474 crore in Q3 FY23 from Rs 4,516 crore in Q3 FY22. Revenue from operations rose by 3% YoY to Rs 39,134 crore during the quarter.
The scrip rose 0.92% to Rs 686.25 on the BSE.
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