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Jindal Stainless (Hisar) to be merged with Jindal Stainless

Wednesday, 30 Dec 2020

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The Board of Directors of Jindal Stainless (JSL) and Jindal Stainless (Hisar) (JSHL) on 29 December 2020 has approved the merger of JSHL into JSL.

As per the approved share swap ratio, 195 equity shares of JSL will be issued for every 100 equity shares of JSHL.

The consolidation will enable harnessing of the complementing strengths of the individual companies. Seamless integration of infrastructure, processes and operational synergies, along with a strengthened balance sheet, would improve financial flexibility.

Post the merger, JSL will be the single listed entity on the stock exchanges and the promoter holding will be around 57 percent, while the remaining 43 percent will be held by the public.

As per the proposed structure, the mobility business of JSL Lifestyle, a domestic subsidiary of JSHL, will be merged into JSL. Non-mobility businesses will be carved out as a separate new entity, named Jindal Lifestyle.

Post restructuring, Jindal Stainless Steelway (JSSL) and Jindal Lifestyle will operate as Indian subsidiaries, while overseas operational subsidiaries of JSL in Spain and Indonesia will continue to operate as business units of merged JSL.

With the appointed date of 1 April 2020, the merger process is expected to be completed in H2/FY22. The merger is subject to approvals from statutory authorities, shareholders, creditors and NCLT.

The merger of JSL and JSHL will also induce a simplified capital structure, expanding the turnover of the merged business to around Rs 20,000 crore.

As per the company, the merger will lead to the realisation of enhanced operational synergy, with JSL’s proximity to port and raw materials, and JSHL’s strategic location around key domestic consumption centres.

JSL has a capacity of 1.1 million tpa and is located in the state of Odisha. The plant comprises ferro-alloy facilities with a captive power generation facility, and is eventually scalable up to 3.2 million tpa of stainless steel production.

JSHL is an integrated stainless steel manufacturer with facilities starting from melting, casting and hot rolling to cold rolling and other value additions. JSHL has a melt capacity of 0.8 million tpa.

JSHL’s Specialty Product Division (SPD) caters to the high-end precision and specialty stainless steel requirements of reputed Indian and international customers.