ANI
24 Jan 2023, 14:25 GMT+10
Mumbai (Maharashtra) [India], January 24 (ANI): JSW Steel on Tuesday said its subsidiary, JSW Steel Coated Products, has entered into an agreement to acquire 31 per cent stake in startup Ayena Innovation in home furnishings and decor space for a cash consideration of Rs 5.99 crore.
According to the statement released on Tuesday, this proposed investment is in line with endeavours of JSW Steel Coated Products Limited to explore new avenues to increase the consumption of coated steel products. The statement of the company also added this invesment will enable JSWSCPL to further diversify its customer portfolio mix and enhancing its presence in the retail business.
JSW Steel said the company through its wholly-owned subsidiary, JSWSCPL, proposes to acquire 31 per cent equity shareholding in Ayena.
The company said in the statement shared with stock exchanges on Tuesday that the indicative time-period for the completion of the acquisition was 45 days from the execution date of the agreements.
JSW Steel is an Indian multinational steel producer based in Mumbai and is a flagship company of the JSW Group. After the merger of ISPAT Steel and Jindal Vijayanagar Steel Limited, JSW Steel became India's second-largest private-sector steel company.
Founded in 2013, JSWSCPL claims to be the country's largest manufacturer and exporter of colour-coated steel products, and a wholly owned subsidiary of JSW Steel, according to the company's website.
The statement also added that Ayena is a start-up registered by the Department for Promotion of Industry and Internal Trade and will be in the business of development, manufacturing, and sales of quick-to-install modular solutions including modular kitchens. (ANI)Get a daily dose of Iraq Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Iraq Sun.
More InformationThe Voice of America may not live up to its ambitious name for much longer. Michael Abramowitz, the director of VOA, said in a Facebook...
WASHINGTON, DC - U.S. President Donald Trump has joined Israel's war on Yemen's Houthis, days after the group said it would resume...
LOMPOC, California: NASA launched a new telescope into space this week to study the origins of the universe and search for hidden water...
AUSTIN/SANTA FE: Texas/New Mexico have reported 28 new measles cases in the past five days, bringing the total to 256 since the outbreak...
WASHINGTON, D.C.: U.S. Transportation Secretary Sean Duffy announced that helicopters will be permanently banned from flying near Washington...
NEW YORK CITY, New York: The U.S. must accelerate its efforts to develop fusion energy or risk losing its edge to China, Virginia Governor...
WASHINGTON, DC - U.S. President Donald Trump has joined Israel's war on Yemen's Houthis, days after the group said it would resume...
The principal terminal, Terminal 1, at Israel's largest airport will reopen at the end of this month, having largely been closed since...
Nizamabad (Telangana) [India], March 17 (ANI): BRS MLC K Kavitha criticized the Congress government in Telangana over the lack of Muslim...
Washington DC [US], March 17 (ANI): The Donald Trump administration is considering imposing a new travel ban that could affect citizens...
Tel Aviv [Israel], March 16 (ANI/TPS): The Prime Minister's Office reported that, as instructed by Prime Minister Benjamin Netanyahu,...
Washington has threatened additional attacks on the country, including on alleged Iranian assets ...