No plans to buy Thai Nox for now: JSL
Jindal Stainless (JSL) today said it has no immediate plans to acquire Thailand-based company Thai Nox but admitted that the company is scouting for acquisitions in the overseas market.
The company did not have any discussions with Thai Nox, Jindal Stainless said in a statement.
Reacting to media reports about JSL’s acquisition plans abroad, N C Mathur, director corporate affairs of JSL said: "Consultants bring proposals whenever synergies are working out but we have not yet had any discussions with the management of Thai Nox, nor any due diligence has been exercised on this stand-alone stainless steel cold rolling mill in Thailand."
The company has been scouting for consolidation and as part of its strategy, it had acquired Indonesia’s Maspion Stainless in 2004 , he said.
"The acquisition has strengthened our reach in the South East Asian markets," Mathur added.
The company is planning to nearly double its production capacity to 1,50,000 metric tonne per annum to cater to increased demand for stainless steel from the South East Asian and other global markets.
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