JSW Steel acquired JSW Praxair Oxygen Private (JPOPL) by purchasing the remaining 74% shares for Rs. 240 crores, said the company.
JSW steel currently holds 26% of the equity shares of JPOPL and post the aforesaid acquisition, JPOPL would become a wholly owned subsidiary of the Company.
JPOPL is engaged in the business of production and sale of industrial gases such as oxygen, nitrogen and argon. They have set up two air separation plants, each with a capacity of 2500 tonnes per day at Bellary District, Karnataka.
The comany said that the acquisition is strategic in nature as it will provide the the benefit of backward integration of this critical input.