JTL Industries on Tuesday said it has acquired a controlling stake in Nabha Steels and Metals for an undisclosed amount. The acquired plant at Mandi Gobindgarh in Punjab has an annual production capacity of 2 lakh tonne. It produces steel products such as coils and billets, JTL Industries said in a regulatory filing.
The company said it has acquired a 67% stake in Nabha Steels and Metals.
The acquisition will increase JTL's total backward integration capacity from 1.5 lakh tonne of coils to 2.5 lakh tonne of coils and 1 lakh tonne of long products, it said.
"Nabha Steels and Metals has showcased tremendous revenue growth, increasing from Rs 113 crore in FY23 to Rs 225 crore in FY24," the company said without sharing the financial details of the deal.
JTL Industries is an electric resistance welded steel pipes producer with a production capacity of more than 6 lakh tonne per year.
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