JSW Steel will complete the acquisition of Welspun Maxsteel in the next 15 days, CNBC-TV18 learns from sources. The deal is being valued at over Rs 1,000 crore.
JSW may ink deal with Welspun Maxsteel by mid-July for its 0.9 mt gas-based steel plant in Maharashtra. Sources add that JSW will also take over the company's debt which stands at about Rs 1,030 crore. But, JSW Steel is yet to finalise payout over and above the debt.
This deal is subject to lenders' approval and CCI nod may also be required. JSW Steel would acquire full management control post regulatory nods, sources said.
Meanwhile, when contacted by CNBC-TV18, JSW Steel said that it does not offer any comments on market rumours and speculation. However, the company would like to expand both organically and inorganically.
Source: moneycontrol.com
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