JSW Steel Coated Products (JSWSCPL), a wholly owned subsidiary of JSW Steel, has entered into a shareholders agreement and a share subscription agreement today with Ayena Innovation (Ayena) and its shareholders.
Ayena is a start-up registered by the Department for Promotion of Industry and Internal Trade and will be in the business of development, manufacturing and sales of quick-to-install modular solutions including modular kitchens.
The proposed investment is in line with endeavours of JSWSCPL to explore new avenues to increase consumption of coated steel products. It will enable JSWSCPL to further diversify its customer portfolio mix and enhance its presence in the retail business. Post-closing of the transaction, JSWSCPL will have 31% equity shareholding in Ayena. The cost of acquisition is Rs 5.99 crore.
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