JSW Steel’s wholly‑owned subsidiary, JSW Steel Coated Products, is set to acquire National Steel & Agro Industries Ltd. (NSAIL) for a total consideration of ₹621 crore, in a significant development approved under the corporate insolvency resolution process.
Under the resolution plan sanctioned by the Committee of Creditors and the NCLT’s Mumbai bench, JSW Steel Coated Products will pay ₹612.47 crore directly to NSAIL’s financial creditors to assume their debts. Additionally, the subsidiary will inject ₹8.52 crore via loans-scheduled in one or more tranches-to cover outstanding insolvency resolution costs and meet payments to operational creditors such as employees and suppliers. As per the terms of the agreement, NSAIL’s existing shares will be delisted from the stock exchanges, with no exit price paid to shareholders. NSAIL, primarily engaged in flat-steel manufacturing-including cold-rolled coils, galvanised and colour-coated sheets-reported a turnover of approximately ₹815 crore in FY 2021–22.
This acquisition aligns with JSW Steel’s broader strategy of consolidating production capabilities through inorganic growth. Previous takeovers, such as Bhushan Power & Steel and Monnet Ispat, have similarly boosted JSW’s presence in flat-steel segments. By integrating NSAIL’s assets, JSW aims to enhance synergies in procurement, manufacturing, and market access.
JSW’s foray into electrical steel via a joint feasibility study with Japan’s JFE Steel further underscores its commitment to diversifying its steel portfolio.
JSW Steel Coated Products plans to complete the transaction within 30 days of the effective date. The strategic acquisition promises to strengthen JSW’s footprint in the flat-steel markets and optimize operations, reinforcing its position among India’s leading steel producers.
