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MUMBAI: Sajjan Jindal-led <keyword id="45609" type="CITY" weightage="20" keywordseo="JSW-Steel">JSW Steel</keyword> has entered into a definitive agreement with <keyword id="2478848" type="UNKNOWN" weightage="20" keywordseo="Welspun-Enterprise">Welspun Enterprise</keyword> (WEL), to acquire the entire equity shares held by the latter in Welspun Maxsteel (<keyword id="2478982" type="ORGANIZATION" weightage="20" keywordseo="WMSL">WMSL</keyword>) for an enterprise value of Rs 1,000 crore plus net current assets as of August 31. The move is aimed at achieving the strategic goal to enhance its steel production to 40 MTPA in the next decade from 14.3 MTPA now. The agreement is subject to the relevant regulatory approvals and customary closing conditions. 
 
WMSL has an installed capacity of 0.9 MTPA gas-based DRI plant, with a captive jetty and a captive railway siding and the steel unit is situated in close proximity to JSW’s Dolvi unit, offering complimentary infrastructure and location to augment the current envisaged expansions at Dolvi. “In line with this objective, JSW wishes to acquire the equity shares of WMSL,” said the company in a statement on Monday evening. 
 
Seshagiri Rao, joint MD &amp; group CFO, JSW Steel, said, “This acquisition is value-accretive to JSW Steel due to synergies in supplying surplus pellets to Welspun MaxSteel and use of DRI from WMSL in company’s steel-making operations at Dolvi plant.” 
 
DRI plant is located in Salav village in Raigad district of Maharashtra. The captive jetty has an existing capacity of 2.5 MTPA, which is located at 1.8 km from the plant, while the captive railway siding is located at Roha junction on national Konkan Railway, 35 km from the DRI plant. WMSL also has vacant land of approx. 480 acres, available for future expansions. 
 
The company has surplus pellets in its subsidiary Amba River Coke which will be supplied to WMSL. The cost of production in WMSL is expected to come down due to replacement of significant portion of its bought-out pellets with captive pellets. The DRI produced by WMSL shall initially be used partly by the company’s Dolvi unit, and would be consumed in the entirety post completion of its ongoing expansion to 5 MTPA. 
 <keyword id="85953" type="COMPANY" weightage="20" keywordseo="Ernst-Young">Ernst &amp; Young</keyword> and Luthra &amp; Luthra carried out financial and legal due diligence, respectively, for JSW Steel. 
 
WEL identified WMSL as one of its non-core businesses. So it decided to exit the same. Also, the plant was running below its capacity due to irregular supply of natural gas from contracted suppliers, said WEL in a statement, adding that the transaction will strengthen company’s capabilities by synergizing all resources and reduce net debt liabilities considerably. 
 
JSW Steel shares closed up marginally at Rs 1,277 while shares of WEL closed down 5% at Rs 257 in a firm Mumbai market on Monday. The deal was announced after the closure of market hours on Monday.

JSW Steel To Buy Welspun Maxsteel

<div class="KonaFilter image-container display-table"><div><div class="image on-image">ReutersThe US Coast Guard Legend-class maritime security cutter USCGC Bertholf (WMSL 750) pulls into Joint Base Pearl Harbor-Hickam, Hawii, U.S. to support the Rim of the Pacific (RIMPAC) 2012 exercise.</div></div></div><ul><li>The Pentagon has disinvited China from an international military exercise over its militarization of islands in the South China Sea. </li><li>"China's continued militarization of disputed features in the South China Sea only serve to raise tensions and destabilize the region," a spokesman said. </li><li>Over the past several years, China has built up military fortifications on islands in the South China Sea, raising tensions in relation to territorial disputes in the region. </li><li>The biennial Rim of the Pacific exercise, known as RIMPAC, is set to occur in June and involves more than two-dozen nations.</li></ul>The Pentagon has disinvited China from an international military exercise over its militarization of islands in the South China Sea. The biennial Rim of the Pacific exercise, known as RIMPAC, is set to occur in June and involves 27 nations. Participation in RIMPAC is a sign of legitimacy in the eyes of the international community. China has been included in the past, but the US military retracted its invitation this year in an apparent effort to send a message about its activities in the South China Sea. "China's continued militarization of disputed features in the South China Sea only serve to raise tensions and destabilize the region. As an initial response to China's continued militarization of the South China Sea we have disinvited the PLA Navy from the 2018 Rim of the Pacific (RIMPAC) Exercise," a Department of <keyword id="6354810" type="UNKNOWN" weightage="100" keywordseo="defense">Defense</keyword> spokesman, Lt. Col. Christopher Logan, <a href="https://news.usni.org/2018/05/23/china-disinvited-participating-2018-rimpac-exercise">said in a statement</a>. "China's behavior is inconsistent with the principles and purposes of the RIMPAC exercise," Logan added. Over the past several years, China has built up military fortifications on islands in the South China Sea, raising tensions in relation to territorial disputes in the region. "We have strong evidence that China has deployed anti-ship missiles, surface-to-air missile (SAM) systems, and electronic jammers to contested features in the Spratly Islands region of the South China Sea," Logan said.China's embassy to the US didn't respond to a request for comment.Despite President Donald Trump's attempt to build relations with Chinese President Xi Jinping, China and the US have butted heads on a number of issues in recent weeks. Earlier this week, <a href="http://www.businessinsider.com/trump-calls-out-china-for-north-korea-help-highlighting-kim-diplomacy-2018-5">Trump claimed</a> Beijing may have influenced North Korean leader Kim Jong Un's recent about-face on an impending summit between the US and North Korea. Kim recently visited Xi in the Chinese capital. The Pentagon didn't respond to a request for comment on whether the Korea talks played any part in China's rescinded invitation. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/what-narcos-sicario-get-wrong-about-drug-cartels-mexico-2018-5">Here's what 'Narcos' and 'Sicario' get right and wrong about drug cartels</a></h3> <div> </div> </div>

US disinvites China from military exercise over militarization of South China Sea islands

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