Mumbai (Maharashtra) [India], January 24 (ANI): JSW Steel on Tuesday said its subsidiary, JSW Steel Coated Products, has entered into an agreement to acquire 31 per cent stake in startup Ayena Innovation in home furnishings and decor space for a cash consideration of Rs 5.99 crore.

According to the statement released on Tuesday, this proposed investment is in line with endeavours of JSW Steel Coated Products Limited to explore new avenues to increase the consumption of coated steel products. The statement of the company also added this invesment will enable JSWSCPL to further diversify its customer portfolio mix and enhancing its presence in the retail business.

JSW Steel said the company through its wholly-owned subsidiary, JSWSCPL, proposes to acquire 31 per cent equity shareholding in Ayena.

The company said in the statement shared with stock exchanges on Tuesday that the indicative time-period for the completion of the acquisition was 45 days from the execution date of the agreements.

JSW Steel is an Indian multinational steel producer based in Mumbai and is a flagship company of the JSW Group. After the merger of ISPAT Steel and Jindal Vijayanagar Steel Limited, JSW Steel became India's second-largest private-sector steel company.

Founded in 2013, JSWSCPL claims to be the country's largest manufacturer and exporter of colour-coated steel products, and a wholly owned subsidiary of JSW Steel, according to the company's website.

The statement also added that Ayena is a start-up registered by the Department for Promotion of Industry and Internal Trade and will be in the business of development, manufacturing, and sales of quick-to-install modular solutions including modular kitchens. (ANI)