ASI Industries to set up subsidiary ASI Steel and Energy

ASI Industries Ltd announced that its Board of Directors has approved the incorporation of a new subsidiary in India, to be named ASI Steel and Energy Limited. The subsidiary will focus on exploring opportunities in the Iron & Steel industry, specifically for setting up a TMT steel plant. ASI Industries will hold a 75% equity stake, with the remaining 25% held by promoters. The initial investment is capped at INR 7,50,000. This move aims to diversify the company's business beyond its current Kotah Stone operations due to limited growth opportunities in that sector and increasing demand in the infrastructure and steel industries.