Indian pipe producer eyes seamless merger
Pune-based Indian Seamless Group announced a decision to merge its seamless tubes and alloy steel companies, namely Indian Seamless Metal Tubes Ltd and Indian Seamless Steels and Alloys Ltd, according to recent market news. The merged company will be called ISMT Ltd. The merger is expected to be completed by the end of June 2005. Indian Seamless hopes to reduce fixed costs by Rupees 50-80 million ($1.15-1.84 million) via the merger. The new company will focus on exports and strengthening its distribution network, especially in the US.