New Delhi, Apr 26 (IANS): The ongoing merger process of Jindal Stainless Limited (JSL) and Jindal Stainless (Hisar) Limited (JSHL) has achieved another milestone as they convened meetings of their shareholders and creditors for approving the Scheme of Arrangement between the two companies.

Notably, the scheme of merger was approved by an overwhelming majority, it said in a statement.

The meetings to approve the Scheme of Arrangement were organised on April 23, pursuant to the order pronounced by the National Company Law Tribunal (NCLT), Chandigarh Bench.

The companies will now file the second motion application with the tribunal, it said in the statement.

Taking note of this crucial accomplishment, Managing Director of Jindal Stainless, Abhyuday Jindal, said: "We are happy that our shareholders and creditors have approved the Scheme of Arrangement for the JSL-JSHL merger by an overwhelming majority. This is a testimony to their confidence that the merger is value-accretive for all stakeholders of both the Companies."

Abhyuday Jindal added it will continue to complete the further processes and hope to complete the merger in FY23.

Founded by O.P. Jindal in 1970, Jindal Stainless is among the largest stainless steel manufacturing companies in India and ranks among the top 10 stainless steel manufacturers in the world.

It has two stainless steel manufacturing complexes in India, in the states of Haryana and Odisha, with an overseas unit in Indonesia.

The company's products range from stainless steel slabs, blooms, coils, plates, sheets, precision strips, blade steel, and coin blanks.