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Jindal Saw shareholders have approved a proposal for entering into a contract worth up to ₹10,000 crore with group firm JSW Steel, from which it purchases raw material.
The proposal for related party transaction was cleared by its shareholders through a special resolution last month.
Jindal Saw is a part of the $18-billion OP Jindal Group and makes large diameter submerged as well as spiral pipes. JSW Steel, also a part the group, is the country’s leading integrated steel producer with a capacity of 14.3 mt a year. The approval is for Jindal Saw to “enter into a contract(s)/arrangement(s)/transaction(s) with JSW Steel, a related party...up to a maximum amount of ₹10,000 crore from the financial year 2014-15 and onwards,” Jindal Saw said in a regulatory filing.
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