<p>Jindal Stainless (Hisar) Ltd (JSHL) on Tuesday said its board has approved the company's merger into the country's largest stainless steel maker Jindal Stainless Ltd (JSL).</p>.<p>Having a total melting capacity of 0.8 million tonne per annum (MTPA), Hisar-based JSHL is the largest specialty stainless steel producer in India with a diversified value-added product portfolio.</p>.<p>In a BSE filing, the company said its "board has considered and approved...amalgamation of JSHL (the amalgamating company into and with Jindal Stainless Ltd".</p>.<p>Meanwhile, JSL also informed the stock exchanges about its board approving the merger of JSHL into it.</p>.<p>In a joint statement, the two companies claimed the merger of JSHL into JSL will create a mega stainless steel entity that will be among the top-10 stainless steel companies in the world and the largest stainless steel company in India.</p>.<p>According to the statement, "After the merger, JSL will be the single listed entity on the stock exchanges and the promoter holding will be 57 per cent, while the remaining 43 per cent will be held by the public."</p>.<p>According to the proposed structure, the mobility business of JSL Lifestyle Ltd, a subsidiary of JSHL, would be merged into JSL, it added.</p>.<p>It further said the non-mobility businesses of JSL Lifestyle Ltd would be carved out as a separate new entity, named Jindal Lifestyle Ltd.</p>.<p>With the appointed date of April 1, 2020, the merger process is expected to be completed in the second half of 2021-22. The merger is subject to approvals from statutory authorities, shareholders, creditors and the National Company Law Tribunal (NCLT), the companies said.</p>.<p>Abhyuday Jindal, managing director of both JSL and JSHL, said, "I am confident that the proposed JSHL merger into JSL will enhance value to shareholders of both the companies. The merger of JSHL will also induce a simplified capital structure, expanding the turnover of the merged business to Rs 20,000 crore."</p>.<p>The consolidation will enable harnessing of the complementing strengths of the individual companies. Seamless integration of infrastructure, processes and operational synergies, along with a strengthened balance sheet, would improve financial flexibility, he added.</p>.<p>With a 1.9 MTPA melting capacity, the merged entity will be the only Indian company in the league of top-10 stainless steel companies in the world, Jindal said. </p>
<p>Jindal Stainless (Hisar) Ltd (JSHL) on Tuesday said its board has approved the company's merger into the country's largest stainless steel maker Jindal Stainless Ltd (JSL).</p>.<p>Having a total melting capacity of 0.8 million tonne per annum (MTPA), Hisar-based JSHL is the largest specialty stainless steel producer in India with a diversified value-added product portfolio.</p>.<p>In a BSE filing, the company said its "board has considered and approved...amalgamation of JSHL (the amalgamating company into and with Jindal Stainless Ltd".</p>.<p>Meanwhile, JSL also informed the stock exchanges about its board approving the merger of JSHL into it.</p>.<p>In a joint statement, the two companies claimed the merger of JSHL into JSL will create a mega stainless steel entity that will be among the top-10 stainless steel companies in the world and the largest stainless steel company in India.</p>.<p>According to the statement, "After the merger, JSL will be the single listed entity on the stock exchanges and the promoter holding will be 57 per cent, while the remaining 43 per cent will be held by the public."</p>.<p>According to the proposed structure, the mobility business of JSL Lifestyle Ltd, a subsidiary of JSHL, would be merged into JSL, it added.</p>.<p>It further said the non-mobility businesses of JSL Lifestyle Ltd would be carved out as a separate new entity, named Jindal Lifestyle Ltd.</p>.<p>With the appointed date of April 1, 2020, the merger process is expected to be completed in the second half of 2021-22. The merger is subject to approvals from statutory authorities, shareholders, creditors and the National Company Law Tribunal (NCLT), the companies said.</p>.<p>Abhyuday Jindal, managing director of both JSL and JSHL, said, "I am confident that the proposed JSHL merger into JSL will enhance value to shareholders of both the companies. The merger of JSHL will also induce a simplified capital structure, expanding the turnover of the merged business to Rs 20,000 crore."</p>.<p>The consolidation will enable harnessing of the complementing strengths of the individual companies. Seamless integration of infrastructure, processes and operational synergies, along with a strengthened balance sheet, would improve financial flexibility, he added.</p>.<p>With a 1.9 MTPA melting capacity, the merged entity will be the only Indian company in the league of top-10 stainless steel companies in the world, Jindal said. </p>