The Sandur Manganese & Iron Ores Limited (SMIORE) and Private Equity firm ADV Partners introduced the execution of a binding settlement relating to the strategic enterprise acquisition of Arjas Steel Private Limited (Arjas), valued at an enterprise worth of ₹3,000 crore, by SMIORE, mentioned an organization assertion.
SMIORE is the fifth-largest iron ore miner in Karnataka and the third-largest miner of manganese ore in India and is the flagship enterprise of the royal household of Ghorpade.
According to a communique, Arjas is a particular metal producer primarily engaged within the enterprise of producing particular bar high quality (SBQ) metal targeted on the auto sector in India. The firm is among the many high 5 particular metal producers in India supplying to cars sector. Arjas operates out of two vegetation unfold throughout almost 950 acres, its flagship manufacturing facility in Andhra Pradesh and one other facility in Punjab via its wholly-owned subsidiary Arjas Modern Steel Private Limited.
Bahirji A. Ghorpade, Managing Director, SMIORE mentioned, “This acquisition marks a significant milestone for SMIORE as we venture into steel and value-added products manufacturing. The acquisition will take us another step closer to our strategic transition from a merchant miner to an integrated commodity producer.”
