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Piombino Steel (PSL), the wholly-owned subsidiary of JSW Steel, has repaid the entire loan availed for acquiring Bhushan Power and Steel from the promoters group company West Waves Maritime and Allied Services and acquired its stake from Magnificent Merchandise and Advisory Services.
JSW Steel had acquired Bhushan Power and Steel through PSL in March. Last month, JSW Steel converted Optionally Fully Converted Debentures issued by PSL into equity shares and made it a subsidiary. Following this conversion, JSW Steel currently holds 83.28 per cent in PSL.
Also read: Crude steel production at JSW Steel up 6 per cent at 1.42 mt in October
In order to reorganise, eliminate inter-company loans and simplify the group corporate structure for better administration, PSL has acquired the entire equity of West Waves Maritime and Allied Services (WWMAS) from Magnificent Merchandise and Advisory Services based on valuation report of a reputed valuer with the ultimate objective of merging WWMAS with itself, subject to regulatory approval, said JSW Steel in a statement on Wednesday.
WWMAS has now become the wholly-owned subsidiary of PSL and a step-down subsidiary of JSW Steel, it added.
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