Indian steel company JSW Steel has agreed to acquire Praxair India Private Limited’s entire 74% stake in JSW Praxair Oxygen Pvt. Ltd. (JPOPL).
Under the terms of the Share Purchase Agreement transaction, JPOPL would become a wholly-owned subsidiary of JSW Steel, which is India’s second largest private sector steel corporation.
The company said the deal, which amounts to Rs. 240 crores ($35.8m), is “strategic in nature as it will provide the company the benefit of backward integration of this critical input.”
Currently, JSW Steel sources industrial gases from JPOPL amongst others at prices based on long-term contracts. It was not specified as to when this deal will take effect.
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