The board of directors of Jindal Stainless Limited (JSL), the largest stainless steel manufacturer in India, has approved the acquisition of a 100% stake in Rabirun Vinimay Pvt. Ltd. (RVPL), a company under liquidation, according to the Insolvency and Bankruptcy Code of 2016 JSL said in a regulatory filing that the acquisition cost is Rs 96 crore.

The RVPL plant, located in the Vidyasagar Industrial Park, Kharagpur, West Bengal, has an annual cold-rolling manufacturing capacity of 250,000 tons, available for wider and thinner products. Besides, it has a yearly capacity of 50,000 tons for pipe and tube products.

With the acquisition, JSL will raise its cold-rolling capabilities that can be applied in many industries, such as automobiles, large household appliances, and lifts and elevators.

The acquisition is expected to be completed in the current fiscal year.