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India: High Court allows deal resulting in second-largest steelmaker

By  |  May 8, 2013
India: High Court allows deal resulting in second-largest steelmaker

The Bombay High Court has given its approval for a merger that will result in India’s second-largest steelmaker. The planned deal between JSW Ispat Steel, to be combined into JSW Steel, will lead to the strongest contender against the nation’s current number-one steel producer SAIL. The news of the court’s approval came in a notification, filed by each of the parties, to the Bombay Stock Exchange; the filing said approval was given last Friday. Details of the deal include JSW Building Systems to be merged with JSW Steel, as well. Shareholders approved of the deal last January. Financial details of the acquisition were not disclosed.

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