M&A
Recycling player Vikas Ecotech acquires Shamli Steel for Rs.160-Cr
New Delhi-based recycling player Vikas Ecotech Ltd (VEL) has acquired 100% stake in Uttar Pradesh-based Shamli Steel for INR 160 crore in a share swap deal. It has also infused an initial working capital of INR 15 crore in Shamli Steel and plans to invest another INR 35-50 crore over the first 3-6 months after taking over the operations of the plant.Shamli Steel has a capacity to produce about 2.5 lakh MT of TMT bars, corrosion resistant steel bars (CRS Bars), MS rounds and MS billets per annum. Shamli Steel generated revenue of INR 300 crore during FY 2022-23.Vikas Ecotech is engaged in the business of specialty polymers and specialty additives and chemicals for plastics and rubber industries, catering to a wide horizon of applications in agriculture, infrastructure, packaging, electrical, footwear, pharma, automotive, medical devices and components and other consumer goods.
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