The Competition Commission of India (CCI) has granted approval for Kirloskar Ferrous Industries Limited’s (KFIL) proposal to acquire Indian Seamless Metal Tubes Limited (ISMT), a statement from KFIL said on Wednesday, March 2.
In November 2021, KFIL announced it would acquire a majority stake in Indian Seamless Metal Tubes (ISMT) by subscribing to its equity shares through a preferential allotment, and so gain full control of ISMT.
ISMT is the largest integrated specialized seamless tube manufacturer in India and a diversified manufacturer of specialized seamless tubes, producing tubes in the range of 6 mm to 273 mm diameter.
The company has an alloy steel mill that produces a wide range of alloy steels in a 20-225 mm diameter range.
KFIL is a leading pig iron manufacturer in India and a producer of grey iron castings.