Jindal Steel and Power Ltd (JSPL) on Thursday said it has acquired Allied Strips Limited (ASL) for over Rs 217 crore. The acquisition has been made through JSPL’s wholly owned subsidiary Jindal Steel Odisha Limited (JSO), according to a regulatory filing.
On the objectives behind the mover, JSPL said the acquisition will help JSO expand its product portfolio and provide significant synergies with the existing steel manufacturing business.
Steel produced in JSO can be used as a raw material at the ASL unit, the company said.
The acquisition is valued at Rs 217.53 crore.
Haryana-based ASL specialises in the manufacturing and supply of steel products.
The company produces a variety of steel items, including hot rolled coils, cold rolled coils, and cold rolled close annealed (CRCA) steel, serving diverse sectors, including automotive, white goods, precision tubes etc. It currently has a capacity to process over 3,00,000 metric tonnes of HR coil per annum.
