Jindal Stainless Ltd, India’s largest stainless steel manufacturing company, announced on Tuesday that it has completed the acquisition of Evergreat International Investment Pte Ltd, Singapore (EIPL). The acquisition, effective from June 4, 2024, has resulted in EIPL becoming a wholly owned subsidiary of Jindal Stainless.
In a regulatory filing, Jindal Stainless stated, “Acquired 100 per cent stake of EIPL. Consequently, EIPL has become a wholly owned subsidiary, and Chromeni Steels Private Limited (CSPL) a step-down subsidiary.”
This strategic acquisition strengthens Jindal Stainless’s global presence and operational capabilities, marking a significant step in the company’s expansion strategy. By integrating EIPL and CSPL into its portfolio, Jindal Stainless aims to enhance its market reach and solidify its leadership position in the stainless steel industry.
Jindal Stainless is renowned for its extensive product range and manufacturing excellence, catering to diverse sectors including automotive, construction, and consumer goods. The acquisition of EIPL is expected to provide the company with new growth opportunities and reinforce its commitment to delivering high-quality stainless steel products to a global clientele.
The move aligns with Jindal Stainless’s long-term vision of expanding its footprint and leveraging synergies across its subsidiaries to drive innovation and operational efficiency. As a step-down subsidiary, Chromeni Steels Private Limited will also benefit from the enhanced resources and strategic direction provided by the parent company.
This acquisition underscores Jindal Stainless’s dedication to strengthening its market position and delivering sustained value to its stakeholders. With EIPL now part of its corporate family, Jindal Stainless is poised for accelerated growth and increased competitiveness in the global stainless steel market.
