JSW Steel arm buys 100% stake of promoter co to simplify structure

By a Staff Reporter:  JSW Steel arm buys 100% stake of promoter co to simplify structure

Following are key excerpts from an exchange filing by JSW Steel Ltd today:

* Subsidiary Piombino Steel Ltd has acquired 160,000 shares or 100% stake in promoter group company West Waves Maritime and Allied Services Pvt Ltd from Magnificient Merchandise and Advisory Services Pvt Ltd for 3.07 mln rupees

* West Waves Maritime has now become a wholly-owned subsidiary of Piombino Steel and a step-down subsidiary of the company

* Piombino Steel had availed financial assistance from West Waves Maritime for completing the acquisition of Bhushan Power and Steel Ltd

* Piombino Steel will merge West Waves Maritime with itself in order to reorganise, eliminate the intercompany loans and simplify the group corporate structure for better administration

Source : Eureka

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