The steel major on Wednesday said it has commenced production of hot rolled plates from the new 5 million tonnes per annum (MTPA) hot strip mill facility at Dolvi Works (Maharashtra).Separately, JSW Steel on Wednesday announced that it has entered into an assignment agreement dated 31 March 2021, whereby Laptev Finance, a JSW Group company, has assigned to JSW all rights and obligations of Laptev under the business transfer agreement dated 31 March 2019 as amended from time to time including the amendment dated 31 March 2021 executed by Laptev with Welspun Corp, for a consideration of Rs 1,00,00,000.
As per the business transfer agreement, Laptev had agreed to acquire from Welspun, as a going concern on slump sale basis, the business of manufacturing of high-grade steel plates and coils (PCMD Business), for a consideration of Rs 848,50,00,000, which is subject to closing adjustments towards net working capital.
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