JSW Steel arm to acquire 31% stake in Ranchi Based Ayena Innovations

Ayena Innovation is a Ranchi, Bihar-based startup that works in the home furnishings and décor industry. JSW Steel Coated Products (JSWSCPL), a wholly owned subsidiary of JSW Steel, announced that it has reached an agreement to buy a 31% ownership in the company for a cash payment of INR 59.9 crores.

JSWSCPL will be able to further diversify its customer portfolio mix and expand its position in the retail sector thanks to the investment in Ayena Innovation. The company said in a statement made available to stock exchanges on Tuesday that the indicative time frame for the transaction’s completion was 45 days from the date the agreements were finalised.

Ayena is a startup that was founded in 2020 and is registered with the Department for the Promotion of Industry and Internal Trade. It creates, produces, and sells modular solutions that may be quickly installed, such as modular kitchens.

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