Through its subsidiary Jindal Tubular USA LLC, Jindal SAW Ltd is planning to purchase all of pipe and tube producer PSL North America LLC in a bankruptcy purchase agreement.
The assets of PSL North America and PSL USA that helds a majority stake in PSL North America, were listed at $50 million each with debt of $130 million in the Chapter 11 document filing.
PSL USA offered to dispose all of its assets to Jindal Tubular for $100 million, as per the court documents. PSL North America and PSL USA reached a voluntary petition in June for relief under Chapter 11 with the US Bankruptcy Court for the District of Delaware.
On August 16, Jindal Tubular signed a purchase agreement with PSL following court approval. The acquisition is expected to complete at the end of August.
PSL North America is a Mississippi-based manufacturer of large diameter, high pressure steel pipe. It is an American and Indian joint venture controlled by PSL SAW Ltd in Mumbai.
Jindal SAW is a leading pipe and tube maker in India and one of India s largest producers of submerged arc welded (SAW) pipe.