Ispat acquires Bulgaria’s Kremikovtzi
Indian Global Steel Holdings Ltd (GSHL), a unit of Ispat, announced yesterday that it had completed an agreement to buy a 71 percent stake in Bulgaria's largest steel producer, Kremikovtzi. The shares were owned by Finmetals Holding. As previously reported by SteelOrbis, GSHL signed a preliminary agreement in May to take over Kremikovtzi. In line with the takeover deal, GSHL will invest $300 million in the plant over the next three years.