ANI
24 Jan 2023, 14:25 GMT+10
Mumbai (Maharashtra) [India], January 24 (ANI): JSW Steel on Tuesday said its subsidiary, JSW Steel Coated Products, has entered into an agreement to acquire 31 per cent stake in startup Ayena Innovation in home furnishings and decor space for a cash consideration of Rs 5.99 crore.
According to the statement released on Tuesday, this proposed investment is in line with endeavours of JSW Steel Coated Products Limited to explore new avenues to increase the consumption of coated steel products. The statement of the company also added this invesment will enable JSWSCPL to further diversify its customer portfolio mix and enhancing its presence in the retail business.
JSW Steel said the company through its wholly-owned subsidiary, JSWSCPL, proposes to acquire 31 per cent equity shareholding in Ayena.
The company said in the statement shared with stock exchanges on Tuesday that the indicative time-period for the completion of the acquisition was 45 days from the execution date of the agreements.
JSW Steel is an Indian multinational steel producer based in Mumbai and is a flagship company of the JSW Group. After the merger of ISPAT Steel and Jindal Vijayanagar Steel Limited, JSW Steel became India's second-largest private-sector steel company.
Founded in 2013, JSWSCPL claims to be the country's largest manufacturer and exporter of colour-coated steel products, and a wholly owned subsidiary of JSW Steel, according to the company's website.
The statement also added that Ayena is a start-up registered by the Department for Promotion of Industry and Internal Trade and will be in the business of development, manufacturing, and sales of quick-to-install modular solutions including modular kitchens. (ANI)Get a daily dose of India Gazette news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to India Gazette.
More InformationDETROIT, Michigan: Volkswagen's decision to scale back production at its Chattanooga, Tennessee plant has sparked backlash from the...
STOCKHOLM, Sweden: Spotify set a new milestone in 2024, paying out US$10 billion in royalties—the highest annual payout to the music...
NEW DELHI, India: Jaguar Land Rover (JLR) has decided against manufacturing electric vehicles at Tata Motors' upcoming $1 billion factory...
LONDON, U.K.: Virgin Group is seeking to raise $900 million to fund its plan to launch cross-channel rail services, positioning itself...
SEATTLE, Washington: Boeing saw a significant increase in aircraft deliveries in February, reporting 44 planes delivered compared to...
DALLAS, Texas: Southwest Airlines will start charging passengers for checked bags, ending a long-standing policy that set it apart...
NEW DELHI, India: Jaguar Land Rover (JLR) has decided against manufacturing electric vehicles at Tata Motors' upcoming $1 billion factory...
New Delhi [India], March 17 (ANI): The recent attacks by Baloch insurgents in Pakistan have exposed terrorism within the country and...
New Delhi [India], March 17 (ANI): The Congress Party will hold a meeting of the General Secretaries and State Incharges of the All...
Raipur (Chhattisgarh) [India], March 17 (ANI): India Masters etched their name in history by clinching the inaugural International...
New Delhi [India], March 17 (ANI): Kolkata Knight Riders (KKR) brought in left-arm seamer Chetan Sakariya as a replacement for speedster...
New Delhi [India], March 16 (ANI): Ahead of the Indian Premier League (IPL) 2025 season, Delhi Capitals (DC) seamer Mohit Sharma shared...