M&A
Sandur Manganese to acquire 80% stake in Arjas Stee l
Publicly listed Sandur Manganese and Iron Ore is foraying into the speciality steel sector with the buyout of fellow Bengaluru-based Arjas Steel Pvt Ltd (ASPL) , which is among the top five producers of speciality steel products in India.Sandur will buy an 80% stake in Arjas at an enterprise value of INR 3,000 crore. Another 19.12% stake in ASPL will be acquired by BAG Holdings Pvt Ltd, which is an entity owned by Bahirji A Ghorpade, one of the promoters of Sandur Manganese & Iron Ores.ASPL is an integrated specialty steel manufacturer located in Tadipatri in Andhra Pradesh and has upstream and downstream facilities. The company primarily caters to the automotive sector. The firm’s consolidated turnover for FY23 was INR 2,876 crore.
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