JSW Steel subsidiary to acquire National Steel and Agro Industries

JSW Steel through its fully-owned subsidiary JSW Steel Coated Products Limited (JSCPL) is set to acquire National Steel and Agro Industries, a manufacturer and exporter of steel.

According to JSW Steel, JSW Steel Coated Products filed a resolution plan in the corporate insolvency resolution process of National Steel and Agro Industries (Corporate Debtor) on 6 September 2022, as amended on 6 October 2022.

JSW Steel Coated Products has been issued a letter of intent from the resolution professional on 7 October 2022 that the creditor committee of the corporate debtor has approved the resolution plan submitted by the JSW Steel subsidiary and has declared it as the successful resolution applicant.

JSW Steel stated: “JSCPL has accepted the letter of intent on October 07, 2022. The closure of the transaction shall be subject to obtaining necessary approval from the National Company Law Tribunal, Mumbai.”