JSW becomes second largest steel producer in India after merger

JSW Ispat is to be merged with JSW Steel, the boards of directors of the steel major decided on Saturday. The Steel-Ispat merger is in the ratio of 1:72, a share of JSW Steel for 72 shares of JSW Ispat.

“This gives us opportunity to do brownfield expansion in Vijaynagar and dolvi Maharashtra plant Vijaynagar will concentrate on southern part of India,” said Sajjan Jindal, chairman and managing director of JSW Steel.

The merger will also make JSW second largest domestic steel producer, with a 14.3 million tonnes per annum production capacity, after state-owned Steel Authority of India (SAIL).