Joint Venture26 Apr 2024, 03:06 pm
SMIORE Announces Strategic Acquisition of Arjas Steel for ₹3,000 Crore
AI Summary
The Sandur Manganese & Iron Ores Limited (SMIORE) and Private Equity firm ADV Partners have announced a binding agreement for SMIORE's acquisition of Arjas Steel Private Limited. This acquisition, valued at ₹3,000 Crore, marks SMIORE's entry into manufacturing of special steels and value-added products. Arjas is a leading special steel manufacturer in India, catering to industries such as automobiles, energy, railways, defence, engineering, material handling, and agriculture.
Key Highlights
- SMIORE enters manufacturing of special steels and value-added products with Arjas acquisition
- Arjas is among the top 5 special steel manufacturers in India
- Arjas operates out of two plants and is in the process of expanding capacity
- India's rapidly growing manufacturing economy and infrastructure focus align with Arjas' growth trajectory