Jindal Stainless Limited (JSL), on 19 December, announced that its Board of Directors have considered and approved the acquisition of Rabirun Vinimay Private Limited, which is currently under liquidation for a total consideration of Rs 96 crore.

In its regulatory filing, the company said, “The Board of Directors accorded its consent for acquisition of 100 per cent stake in Rabirun Vinimay Private Limited (RVPL), a company under liquidation, on a going concern basis, in terms of the applicable provisions of Insolvency and Bankruptcy Code, 2016.”

The proposed acquisition of Rabirun Vinimay Private Limited has a potential downstream cold-rolling manufacturing capacity of 250 kilotonnes per annum for wider and thinner segments, besides having a capacity of 50 kilotonnes per annum for pipes and tube segments.

The said plant is currently shut down and is located at Vidyasagar Industrial Park, Kharagpur, West Bengal, over 60 acres of land.

The company added, “The proposed acquisition would complement the management’s objective of increasing the cold-rolling capabilities of going thinner with wider width to cater auto, large household appliances, lift and elevators, and surface critical applications.”

The said acquisition will be completed after they receive a receipt of the sale certificate from the official liquidator of the insolvent company and during the current fiscal year.