India’s Sandur Manganese Limited (SML) will acquire a controlling equity stake in Arjas Steel Private Limited (ASPL), according to a regulatory filing by SML on Friday, April 26.
The company said that another 19.12 percent equity stake in ASPL will be picked up by BAG Holdings Private Limited, an associated company of SML.
SML expects to complete this transaction within seven months, subject to customary closing conditions in the Share Purchase Agreement (SPA), but the acquisition will not require any regulatory approval, barring that of the Competition Commission of India (CCI).
SML is currently in the business of mining manganese and iron ore, the generation of power, and the manufacturing of ferroalloys and coke.
ASPL is an integrated specialty steel manufacturer. Its wholly-owned subsidiary Arjas Modern Steel Private Limited operates an electric arc furnace-based steel plant located in Mandi Gobindgarh in the northern state of Punjab.
