News Column

India,United States : JINDAL SAW plans to buy PSL NORTH AMERICA

August 28, 2014

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.

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Source: TendersInfo (India)

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