Indian casting and pig iron producer Kirloskar Ferrous Industries Limited (KFIL) has announced the merger of its subsidiary Indian Seamless Metal Tubes Limited (ISMTL) with itself, a company statement said on Tuesday, November 8.
ISMTL is an integrated specialized seamless tube manufacturer.
“We acquired ISMTL in March 2022 to enter into the seamless tubes market. For KFIL, this was a step towards forward integration and product diversification. On the other hand, for ISMT this was a step towards backward integration,” KFIL chairman Atul Kirloskar said.
“This acquisition has brought us an opportunity to integrate iron ore to seamless tubes. Now taking a step further, we are proposing to integrate the entire business under the umbrella of Kirloskar Ferrous Industries Ltd, to reap the synergies between the two businesses,” he said.
