Indian steel, iron ore pellet and power producer Godavari Ispat and Power Limited (GIPL) has entered into an agreement to increase its equity holding in Hira Ferro Alloys Limited (HFEL), a regulatory filing of GIPL said on Tuesday, March 22.
Under the agreement, GIPL will acquire additional equity in HFEL and increase its total stake in the latter from 56.45 percent to 75.66 percent, according to the filing.
The HFEL plant located in the central state of Chhattisgarh has an installed annual capacity of 61,500 mt of ferroalloys, a 300 MW captive power plant, and annual capacities of 300,000 mt of manganese ore briquettes and 330,000 mt of fly ash bricks.