M&A

M&A

Maithan Alloys acquires alloy manufacturer Impex Metal for Rs.74-Cr

BSE Disclosure  

Publicly listed Maithan Alloys Ltd is to acquire a 100% stake in fellow Kolkata-based Impex Metal and Ferro Alloys Ltd (IMFAL) for INR 74.22 crore. Both IMFAL and Maithan are engaged in the manufacturing and trading of ferro alloys. The object of the acquisition is expansion, and Maithan expects to increase its silico manganese production capacity by 49,500 TPA. The deal follows a National Company Law Tribunal (NCLT) led debt resolution process, wherein Maithan entered into a joint settlement agreement with the financial creditors of IMFAL. The agreement was subsequently cleared by the National Company Law Appellate Tribunal (NCLAT). IMFAL's manufacturing unit is located at Bobbili, Vizianagram, Andhra Pradesh. It is located on a 36.76 acre plot owned by it, which is about 126 km from Visakhapatnam port. The company has a few godowns which it owns wholly or partly.