Jindal SAW unit to acquire US steel pipe firm
- Livemint" target="_blank">Livemint
- August 21, 2014
Mumbai: Jindal SAW Ltd on Wednesday said its US unit will acquire PSL-North America Llc, a US-based steel pipe maker under bankruptcy protection, along with all its liabilities.
The steel tubes and pipes maker informed stock exchanges that Jindal Tubular USA Llc had entered into the asset purchase agreement on 16 June, subject to approvals.
“The United States Bankruptcy Court for the district of Delaware has passed an order on 15 August authorizing and approving the sale of substantially all of PSL-North America Llc’s assets to Jindal Tubular in accordance with the terms of asset purchase agreement, free and fair of all liens, claims, encumbrances and other interests…” the company’s filing said.
The PSL-North America Llc website describes itself as a joint venture controlled by PSL Ltd, an Indian company based in Mumbai, with Indian and American partners.
The acquisition will be completed this month, the filing added, without giving the size of the deal.
Jindal SAW, part of the O.P. Jindal Group, produces SAW pipes widely used in the energy sector for the transportation of oil and gas.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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