The board of directors of Sajjan Jindal-managed JSW Steel will meet tomorrow to consider acquisition of a plate mill unit in the US for about $1.2 billion.
The meeting will also consider a proposal to acquire real estate major Orbit's 2.5 acre land in suburban Kalina for an estimated Rs 750 crore.
The board will take into account due diligence reports submitted by various international agencies before deciding to acquire the plate mill facility from Jindal SAW owned by Sajjan's eldest brother Prithviraj.
JSW Steel has been on the look out for some time now to acquire a plate mill in the US. The company intends to ship semi-finished products from its Vijaynagar plant and add value in the US before selling the final product to customers.
One of the largest producers of saw pipes in the country, Jindal SAW's US plate mill, which has a rolling capacity of 1.5 million tonne, caters to the US market.
Sources said there were at least two other suitors to acquire the plate mill from Jindal SAW. Younger brother, Sajjan, however, wanted to keep the firm with him because of multiple benefits that it will accrue.
JSW Steel has embarked on an expansion programme at its Vijaynagar plant to jack up the plant capacity to 10 million tonne from 3.8 million tonne.
The meeting will also consider a proposal to acquire real estate major Orbit's 2.5 acre land in suburban Kalina for an estimated Rs 750 crore.
The board will take into account due diligence reports submitted by various international agencies before deciding to acquire the plate mill facility from Jindal SAW owned by Sajjan's eldest brother Prithviraj.
JSW Steel has been on the look out for some time now to acquire a plate mill in the US. The company intends to ship semi-finished products from its Vijaynagar plant and add value in the US before selling the final product to customers.
One of the largest producers of saw pipes in the country, Jindal SAW's US plate mill, which has a rolling capacity of 1.5 million tonne, caters to the US market.
Sources said there were at least two other suitors to acquire the plate mill from Jindal SAW. Younger brother, Sajjan, however, wanted to keep the firm with him because of multiple benefits that it will accrue.
JSW Steel has embarked on an expansion programme at its Vijaynagar plant to jack up the plant capacity to 10 million tonne from 3.8 million tonne.
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