JSW Steel acquires a port and maritime services company via its subsidiary

The acquisition was done by Piombino Steel Ltd (PSL), a subsidiary of JSW steel, from Magnificient Merchandise and Advisory services Pvt Ltd, a wholly-owned company of JSW Steel’s promoter group individual.

JSW Steel Ltd, an Indian multinational steel-making company, announced this morning that it has acquired West Waves Maritime & Allied Services Pvt Ltd (WWMASPL) for a consideration of Rs 30.67 lakh.

The acquisition was done by Piombino Steel Ltd (PSL), a subsidiary of JSW steel, from Magnificient Merchandise and Advisory services Pvt Ltd, a wholly-owned company of JSW Steel’s promoter group individual. The target company WWMASP is engaged in port and maritime services and trading of coal and steel products. Incorporated in 2014, the company reported an annual turnover of Rs 991.75 lakh (Rs 9.91 crore) in FY21.  

As per the company’s disclosure, the acquisition has been done to reorganize and eliminate the intercompany loans and to simplify the group corporate structure for the sake of better administration. Post the acquisition, WWMASPL is now a wholly-owned subsidiary of PSL and a step-down subsidiary of JSW Steel.  

At 12.45 pm on Wednesday, the share price of JSW Steel Ltd was trading at Rs 689.20, an increase of 0.97 per cent from the previous day’s closing price of Rs 682.55 on BSE.