India’s Kirloskar Ferrous Industries Limited (KFIL), a pig iron and steel castings producer, has entered into an agreement to acquire Indian Seamless Metal Tubes Limited (ISMT), a KFIL official said on Friday, November 26.
The official said that KFIL would fully acquire ISMT by subscribing to equity shares of ISMT through preferential allotment.
ISMT is an integrated specialized seamless steel tube manufacturer producing tubes in a range of 6-273 mm in diameter along with an alloy steel mill.
“We are excited to announce this acquisition, which is subject to necessary approvals, as we enter into the seamless pipes market. This acquisition is further widening our portfolio and diversifying the current product portfolio. We are looking forward to leveraging our existing customer base and adding the customers that ISMT brings along," R. V. Gumasta, managing director, KFIL, said in a statement.