M&A

M&A

Shyam Metalics acquires distressed steel products maker Mittal Corp for Rs.450-Cr

Press Release   Business Standard  

Publicly listed, Kolkata-based integrated metal producing company Shyam Metalics and Energy Limited has forayed into the stainless steel business by acquiring Delhi-headquartered Mittal Corp Ltd in an NCLT-led resolution process for INR 450 crore. The company will invest about INR 7,500 crore over the next 4-5 years to scale up its metal business. The deal will witness the establishment of manufacturing footprints in the state of Madhya Pradesh and add capacities of 1,50,000 tpa Stainless Steel (SS) / Wire Rod & Bar Mill. Mittal Corp manufactures stainless steel billets, blooms, rolled flats of various thickness and width. . The buyer's current manufacturing plants in West Bengal and Odisha which employs more than 15,000 people will further see an addition of 10,000 jobs to the entire workforce post expansions.