Wednesday, July 8, 2009

Essar Steel close to acquiring major stake in Shree Precoated Steels at Ranjangaon near Pune

Essar Steel, part of the Ruia-controlled diversified conglomerate, is close to acquiring a majority stake in Shree Precoated Steels of the Ajmera Group, in a move that will consolidate its presence in the value-added steel market and make it one of the largest players in the cold-rolled segment.

The acquisition would give Essar Steel control over Shree Precoated Steels’ manufacturing unit and over 200 acres of land at Ranjangaon near Pune.

Ranjangaon is considered to be an auto manufacturing hub and is home to a large number of auto majors.

The deal size is estimated at around Rs 700-800 crore.

Colour coated steel and galvanised steel, which are made at Shree Precoated Steels, are used by auto companies.

Shree Precoated Steels is an unlisted company of the Ajmera group and has the capacity to make about 600,000 tonne of cold rolled steel — a major input for cars and consumer goods — and about 450,000 tonne of galvanised steel and about 350,000 tonne of colour-coated steel.
To read more, please, visit - The Economic Times

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