Welspun Corporation holds 99.85 percent in Welspun Maxsteel. With this deal, JSW Steel will acquire the entire shareholding in the company. This deal will also see the takeover Welspun Maxsteel’s debt amounting to Rs 1030 crore by JSW Steel and the company will refinance it. JSW Steel, as of now, has a debt of Rs 32,000 crore on its books.
JSW Steel, however, has said that it does not comment on market speculations and rumours.
This deal will help JSW Steel’s Dolvi plant which is situated in the district and scale up the company’s steel capacity.