Garg Furnace Ltd. to Acquire 51% Stake in Vaneera Industries Pvt. Ltd., Plans to Set Up Manufacturing Facility for Alloy Steel and Self-Drilling Screws

Garg Furnace Ltd., a BSE listed company, has approved to acquire not less than 51% equity stake in Vaneera Industries Private Ltd. (VIL), making it a subsidiary company. VIL has obtained Environmental Clearance from Central Pollution Control Board and is setting up a manufacturing facility for two broad specialized products: Alloy Steel Division and Screws & Fasteners Division. The Alloy Steel Division will focus on the production of alloy steel ingots, rounds, and bars with a planned total capacity of 204,000 MT per annum, introducing electromagnetic stirring, ladle refining furnace, and vacuum degasser techniques. The Screws & Fasteners Division will focus on the production of self-drilling screws under the own brand name ‘TAGIT’, which is an import substitution product. The self-drilling screws offer fast installation time, reduced labor costs, and innovative design, having applications across various industries. VIL has set up a manufacturing facility for self-drilling screws with a small capacity of 1,200 MT per annum, and plans to ramp up the production capacity in the future.