Shareholders and creditors of Jindal Stainless Ltd and Jindal Stainless (Hisar) Ltd have approved the merger between the two companies.
“The scheme of arrangement was approved by an overwhelming majority,” Jindal Stainless said in a statement.
Jindal Stainless in the largest stainless steel manufacturer in India with an annual melt capacity of 1.9 million tonnes and a turnover of $2.70 billion. It has two manufacturing units in India – one each in Haryana and Odisha – and one in Indonesia.
Meetings were convened as per regulatory requirements on April 23.
Thecompanies will now file the second motion application with the National Company Law Tribunal’s Chandigarh Bench.
According to Abhyuday Jindal, Managing Director, the shareholder and creditors approving the merger is a “testimony” to the fact that the merger will be value accretive to both the companies”. “We hope to complete the merger process in FY23,” he said.