JSW Steel, the Indian steel manufacturing unit of steel to energy company JSW Group, has taken over metallic and non-metallic minerals trader Dolvi Minerals and Metals (DMM) by buying the remaining 60 percent of its share capital for 109 crore rupees ($14.8 million).
With 40 percent already owned by JSW Steel earlier, DMM has now become JSW Steel's 100 percent subsidiary.
Pursuant to the deal, JSW Steel and its nominees hold 100 of the issued and paid-up equity share capital of DMM.
The acquisition will help the JSW Steel with raw material security as DMM's subsidiary Dolvi Coke Projects will be supplying coking coal to JSW Steel's Dolvi facility.