JSW Steel (JSW) has entered into an assignment agreement dated 31 March 2021 (Assignment Agreement), whereby Laptev Finance (Laptev), 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 (Business Transfer Agreement) executed by Laptev with Welspun Corp (Welspun), for a consideration of Rs 1 crore and applicable taxes.
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 crore, which is subject to closing adjustments towards net working capital.
The main equity indices traded with modest gains in morning trade amid positive global cues. The Nifty traded above the 14,750 level. All the sectoral indices on the NSE were in the green. Metal stocks extended rally for the fifth session.
At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 233.81 points or 0.47% at 49,742.51. The Nifty 50 index added 73.15 points or 0.5% at 14,763.25.
In broader market, the S&P BSE Mid-Cap index gained 0.83% while the S&P BSE Small-Cap index added 1.54%.
The market breadth was strong. On the BSE, 1840 shares rose and 521 shares fell. A total of 111 shares were unchanged.
The buying was supported by positive cues from other Asian stock markets, supported by surveys showing higher production across Asia s factories last month, and the the U. S. government s $2 trillion spending plan.
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.
Welspun Corp Ltd completes sale of PCMD division to JSW Steel Ltd equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.