The Board of Directors of Jindal Stainless Limited (JSL) had given their consent for the purchase of a 100% stake in Rabirun Vinimay Pvt. Ltd. in December. RVPL was a company under liquidation. This information was disclosed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015. The cost of the acquisition was Rs 96 crore, according to a regulatory filing by JSL. RVPL had a downstream cold-rolling manufacturing capacity of 250 KTPA for wider and thinner segments, as well as a capacity of 50 KTPA for the pipe and tube segment. The RVPL plant was located at Vidyasagar Industrial Park, Kharagpur, West Bengal, on over 60 acres of land, but it was not operational at the time. The proposed acquisition was in line with JSL’s objective of enhancing cold-rolling capabilities for various applications such as auto, large household appliances, lift and elevators, and surface-critical applications. Completion of the acquisition was dependent on receiving the sale certificate from the official liquidator of the insolvent company, which was expected to happen within the financial year.
