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

The investment in Ayena Innovation will allow JSWSCPL to further broaden its customer portfolio mix and strengthen its position in the retail industry. In a statement provided to stock markets on Tuesday, the business stated that the indicative time frame for the conclusion of the transaction was 45 days from the date the agreements were executed.

Founded in 2020, Ayena is a startup registered with the Department for Promotion of Industry and Internal Trade that develops, manufactures, and sell quick-to-install modular solutions such as modular kitchens.

About JSW Steel, headquartered in Mumbai JSW Steel became India’s second-largest private-sector steel company after the merger of ISPAT Steel and Jindal Vijayanagar Steel Limited.

Founded in 2013, JSWSCPL is a wholly owned subsidiary of JSW Steel. It 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.


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