India’s JSW completes acquisition of tinplate subsidiary

JSW Vallabh Tinplate has become a wholly-owned subsidiary of JSW Steel following its acquisition of the remaining 26.45 per cent stake in the business from third-party shareholders.

The announcement was made towards the end of March in a filing made by the company to the Indian BSE, formerly the Bombay Stock Exchange.

“The company has now completed the acquisition by acquiring the aforesaid balance 26.45 per cent of the issued and paid-up share capital of JSW Vallabh Tinplate Pvt Ltd,” JSW Steel said in a statement.

The news follows a call from canmakers led by India’s Metal Container Manufacturers’ Association (MCMA) earlier this year to delay measures planned by the Indian government to restrict imports of tinplate. These had been supported by Tata Steel and JSW Vallabh Tinplate the nation’s two main manufacturers of tinplate and tin-free steel used in canmaking in order to protect domestic producers.

The import restrictions, approved by India’s Directorate General for Trade Remedies (DGTR), would limit the availability of cheap tinplate. Canmakers argue that would force many smaller general line and food can manufacturers out of business and put thousands of jobs at risk.