JSW Steel Coated Products, a wholly-owned subsidiary of JSW Steel, will acquire flat-steel producer National Steel and Agro Industries (NSAIL) through the bankruptcy court for a cash consideration of 621 crore.

The steelmaker received approval for its resolution plan from the Mumbai bench of the National Company Law Tribunal (NCLT) last week, and the acquisition will be completed within 30 days of the effective date specified in the resolution plan.

National Steel and Agro Industries, a central Indian steel manufacturer and exporter, had a turnover of 815 crore in 2021-22 (April-March), and is best known for its flat steel products, which include cold rolled coils, galvanised corrugated sheets, colour coils, and pre-painted profile sheets.

This acquisition is expected to benefit JSW Steel in terms of operations, procurement, marketing, and sales, according to the company.

Shares of National Steel and Agro will now be delisted from the exchanges in accordance with the resolution plan.

JSW Steel has previously acquired Bhushan Power and Steel and Monnet Ispat and Energy through bankruptcy.

In India, it currently has the capacity to produce 27 million tonnes of steel.