JSW Steel Coated Products acquires 31% stake in Ayena Innovation
JSW Steel said that its fully-owned subsidiary JSW Steel Coated Products has closed the previously announced acquisition of a 31% stake in Ayena Innovation.
As per the terms of the deal announced in January 2023, JSW Steel Coated Products will pay INR 5.99 crores for the stake.
Ayena Innovation, which was incorporated in 2021, is engaged in the business of development, manufacturing, and sales of quick-to-install modular solutions such as modular kitchens. The company, which belongs to the home furnishing and decor industry, is based in Ranchi, Jharkhand.
According to JSW Steel, the investment in Ayena Innovation aligns with the efforts of JSW Steel Coated Products to seek new avenues for increasing the consumption of coated steel products. It will also help JSW Steel Coated Products in further diversifying its customer portfolio mix and improving its footprint in the retail business.