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JSW Steel to expand business through subsidiaries
Posted On : 2007-01-22 13:22:09( TIMEZONE : IST )
JSW Steel Ltd has announced that the Board of Directors of the Company at its meeting held on January 22, 2007, inter alia, has taken the following decisions.
A) Taking on Record JSW Steel (UK) Ltd, JSW Natural Resources Ltd, JSW Steel Processing Centres Ltd as the wholly owned subsidiary of the Company and approval for further actions:
The following Companies were taken on record as the wholly owned subsidiaries of the Company:
1. JSW NATURAL RESOURCES LTD, a Company incorporated in Mauritius on November 27, 2006 to pursue acquiring coal assets / other assets relating to steel business.
2. JSW Steel (UK) LTD, a Company incorporated on October 20, 2006 in London, England to strengthen and widen the Company’s presence in the International market and also to identify and speed up the acquisitions in Steel related businesses.
3. JSW STEEL PROCESSING CENTRES LTD, a Company based in India, to set up service centres with a view to expand the reach of CRCA and HRPO steel products manufactured across the value chain and to meet the exacting demands of the user industry.
B) Formation of Joint Venture subsidiary to implement West Bengal Steel Project:
As informed vide the Company's letter dated January 11, 2007, a Development Agreement was executed on January 11, 2007 with the Government of West Bengal, West Bengal Industrial Development Corporation (WBIDC) West Bengal Mineral Development and Trading Corporation Ltd (WBMDTC) for setting up a 10 MTPA steel plant in suitable phases at an estimated cost of Rs 35,000 crores within 12 years from the date of execution of Development Agreement. This Development Agreement, inter alia, includes incorporation of a special purpose joint venture Company with WBIDC & WBMTC.
The Board has approved the formation of the subsidiary Company with an initial authorized and paid up equity capital of Rs 100 crores of which the Company’s contribution would be 89% and balance 11% by WBIDC and WBDMTC, to be increased at a later stage based on the financing structure. The Board has also accorded its consent to negotiate and finalise the Shareholders Agreement with the JV partners namely WBIDC & WBDMTC.
