JSW Steel arm closes deal to buy 31% stake in startup Ayena

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JSW steel Tuesday its subsidiary said, JSW steel coated productshas entered into an agreement to acquire a 31 percent stake in startup Ayena Innovation in home furnishing and decor space for a cash fee of Rs 5.99 crore.

According to the statement released Tuesday, this proposed investment is in line with JSW Steel Coated Products Limited’s efforts to explore new avenues to increase the consumption of coated steel products. The company’s statement also added that this investment will enable JSWSCPL to further diversify its customer portfolio mix and strengthen its retail presence.

JSW Steel said the company, through its wholly owned subsidiary, JSWSCPL, is proposing to acquire a 31 percent equity stake in Ayena.

The company said in the statement shared with exchanges on Tuesday that the indicative time frame for completion of the acquisition was 45 days from the execution date of the agreements.

JSW Steel is an Indian multinational steel producer based in Mumbai and is a flagship company of the JSW Group. After the merger of ISPAT Steel and Jindal Vijayanagar Steel LimitedJSW Steel became India’s second largest private steel company.

Founded in 2013, JSWSCPL claims to be the country’s largest manufacturer and exporter of color-coated steel products, and a wholly owned subsidiary of JSW Steel, according to the company’s website.

The statement also added that Ayena is a start-up registered by the Department for Promotion of Industry and Internal Trade that will be engaged in the development, production and sale of quick-to-install modular solutions, including modular kitchens.

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