ANI
24 Jan 2023, 18:55 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 Entertainment 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 Entertainment Sun.
More InformationPhoto credit: Ercin Erturk / Anadolu AgencyThe death toll from Monday's massive 7.8 magnitude earthquake in Turkey and Syria has ...
WASHINGTON D.C.: In a sign of future political battles over record numbers of illegal crossings under Democratic President Joe Biden, ...
MOSCOW, Russia: Russian state-run TASS news agency has reported that a US woman was detained and fined by a Russian ...
ISLAMABAD, Pakistan - Former President General (retd) Pervez Musharraf died in a Dubai hospital on Sunday at the age of ...
JERUSALEM - Israel on Sunday announced plans to build a new town on the Gaza border .The town, temporarily named ...
CHICAGO, Illinois: After an ice storm ravaged states from Texas to West Virginia, this week, airlines canceled over 1,800 flights ...
Mumbai (Maharashtra) [India], February 7 (ANI): Actor and 'Bigg Boss' contestant Rakhi Sawant, on Tuesday, filed an FIR against her ...
Washington [US], February 7 (ANI): Matthew McConaughey is all set to voice late singer-actor Elvis Presley in upcoming Netflix animated ...
The Russian imperial court loved to have fun and knew how to do it in style - almost every monarch ...
Mumbai (Maharashtra) [India], February 7 (ANI): Actors Sidharth Malhotra and Parineeti Chopra starrer romantic drama film 'Hasee toh Phasee' turned ...
Mumbai (Maharashtra) [India], February 7 (ANI): As 'Malang' clocked three years, actor Kunal Kemmu took a stroll down memory lane ...
Washington [US], February 7 (ANI): Mexican-American actor Salma Hayek revealed that Hollywood blocked her from starring in a comedy for ...