MUMBAI Aug 19 India's JSW Steel Ltd has agreed to acquire local steelmaker Welspun Maxsteel Ltd for an enterprise value of 10 billion rupees ($164.57 million) from Welspun Enterprises to bolster its production capacity.
The equity value of the deal, which is subject to regulatory approvals, was not disclosed. Welspun Maxsteel has an installed capacity of 900,000 tonnes per annum at its plant in Raigad district of western state of Maharashtra.
JSW Steel has an installed capacity of 14.3 million tonnes, and the company plans to raise it to 40 million tonnes in the next decade, the company said in a statement late on Monday.
(1 US dollar = 60.7650 Indian rupee) (Reporting by Sumeet Chatterjee; Editing by Subhranshu Sahu)