JSW Steel on Friday said its Netherlands-based subsidiary will offload 39 per cent stake in joint venture firm Geo Steel LLC for $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 per cent stake in the JV.
“JSW Steel (Netherlands) B.V., a wholly-owned subsidiary of the Company, has entered into an agreement for selling 39 per cent out of its 49 per cent 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 10 per cent stake in Geo Steel LLC, it said.
The company expects the sale of shares will be completed within 30 days from the date of agreement.
The consideration to be received from such sale will be USD 23.08 million, it said.
Source: Business Standard