India’s Jindal Steel and Power Limited (JSPL) has acquired Allied Strips Limited (ASL) for INR 2.17 billion ($26 million), JSPL said in a regulatory filing on Friday, April 4.
The acquisition was completed through Jindal Steel Odisha Limited (JSO), a wholly-owned subsidiary of JSPL.
JSPL said the acquisition will help JSO expand its product portfolio and provide significant synergies with the existing steel manufacturing business as the steel produced by JSO could be used for further value addition at ASL’s mill located in the northern state of Harayana.
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 and precision tubes, according to the regulatory filing.