Jindal Steel & Power Limited, through its subsidiary Jindal Steel Odisha Limited, has acquired Allied Strips Limited for INR 217.53 crore. The acquisition includes a 100% equity stake in ASL, along with the purchase of convertible debentures and the novation of unsecured intercompany debt. 

Apr 3, 2025

Jindal Steel Odisha Limited (JSO), a wholly-owned subsidiary of Jindal Steel & Power Limited (JSPL), has announced the acquisition of  Allied Strips Limited (ASL). This marks a strategic move to expand its value-added product portfolio. With a total cash transaction of INR 217.53 crore, ASL will now operate as a subsidiary of JSPL.

The transaction involves the acquisition of 100% equity in ASL, purchase of optionally convertible debentures issued by ASL. and renewal of unsecured intercompany debt. The company will hold back an amount of INR 50 lakh and will be released after certain conditions are fulfilled. 

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The acquisition aligns with JSPL’s strategy to integrate downstream steel manufacturing and boost production. The steel produced by JSO will be routed to ASL for further processing, thereby improving operational efficiency and expanding the market presence.