ISMT to merge with Indian Seamless Steel
Indian Seamless Metal Tubes (ISMT) announced yesterday that it would merge with Indian Seamless Steel and Alloys. The new company will be the largest of its kind in the Asia Pacific. The new Rupees 10 billion ($229 million) company would be called ISMT Ltd, sources report. The Mumbai High Court ordered the two companies to hold a meeting with the participation of the shareholders of the two companies on August 1, 2005 for approval of the merger. The new company will offer a wide range of precision seamless tubes. Once the merger is completed, the existing 155'000 ton tube capacity of the company will be increased to 200'000 ton and the existing steel capacity will be increased to 350'000 ton.