Jindal Steel & Power, through its wholly owned subsidiary, Jindal Steel Odisha (JSO), has acquired shareholding in Allied Strips for a cash consideration of Rs 217.53 crore. Consequently, Allied Strips (ASL) has become a subsidiary of the Company.
The acquisition of ASL 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 in ASL).
Incorporated in August 1992, ASL specializes in the manufacturing and
supply of steel products. The company produces a variety of steel items, including hot rolled coils, cold rolled coils, Cold Rolled Close Annealed (CRCA) steel, serving diverse sectors, including automotive, white goods, precision tubes etc.
The company currently has a capacity to process over 3,00,000 metric tonne of HR coil per annum.