JSW Steel arm to sell 39 pc stake in JV firm for USD 23 mn

JSW Steel on Friday said its Netherlands-based subsidiary will offload 39 percent stake in joint venture firm Geo Steel LLC for USD 23.08 million. JSW Steel (Netherlands) B V will sell the stake to the JV partner Georgian Steel Group Holdings Limited. JSW Steel (Netherlands) holds 49 percent stake in the JV.

"JSW Steel (Netherlands) B.V., a wholly-owned subsidiary of the Company, has entered into an agreement for selling 39% out of its 49 percent stake held in Geo Steel LLC, a Joint Venture (JV) based in Georgia, to its JV partner - Georgian Steel Group Holdings Limited," JSW Steel said in a BSE filing. Post the completion of the aforesaid sale, JSW Steel (Netherlands) B.V. will continue to hold a 10 percent stake in Geo Steel LLC, it said.

The company expects the sale of shares will be completed within 30 days from the date of the agreement. The consideration to be received from such sale will be USD 23.08 million, it said.