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JSW Steel's subsidiary Periama acquires remaining 10% stake in JSW USA
Industry News- Dec 20,23
The company confirmed the completion of the acquisition by Periama on December 18, 2023 (US Time), making JSW USA a wholly-owned entity of Periama.
JSW Steel declared that its fully owned subsidiary, Periama Holdings LLC, has successfully acquired the remaining 10% stake in JSW Steel (USA) Inc. Consequently, JSW USA has now become a wholly-owned subsidiary of Periama and a subordinate wholly-owned subsidiary of JSW Steel.
Prior to this acquisition, Periama held 90% of the stake in JSW USA, while the remaining 10% was owned by Green Suppliers and Services Pte. In October of this year, JSW Steel had announced that Green Suppliers and Services Pte Ltd expressed their intention to sell their stake in JSW USA, leading to the board's approval of the proposal for Periama to acquire the remaining 10% stake before December 31, 2023.
The company confirmed the completion of the acquisition by Periama on December 18, 2023 (US Time), making JSW USA a wholly-owned entity of Periama.
JSW USA, headquartered in Baytown, Texas, specialises in manufacturing plates, pipes, double-joining, and coating facilities. It boasts a steel plate mill with an annual capacity of 1.2 million net tonnes and a pipe-making capacity of 0.55 million net tonnes per annum.
In its earlier announcement, the company had disclosed that the acquisition cost would amount to $1,000. As of 11 am on Tuesday, JSW Steel's shares were trading at Rs 849.30 apiece on BSE, reflecting a 0.63% decrease.
Source: Business Standard
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