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Kirloskar Ferrous Industries to Acquire Pig Iron Plant of VSL Steels

Steel News - Published on Wed, 16 Sep 2020

Image Source: Kirloskar Ferrous Pig Iron VSL Steels
Kirloskar Ferrous Industries informed that its board of directors at a meeting held on September 12, 2020, has granted in-principle approval for the acquisition of movable & immovable assets relating to the pig iron plant of VSL Steels for a cash consideration of not exceeding INR 135 crore, payable in installments. The abovementioned plant is situated in Paramenahally village of Hiriyur, Chitradurga district in the state of Karnataka. The object of the proposed transaction is to expand the production capacity of the Pig iron of the company. After the completion of this transaction, the production capacity of pig iron will increase from 391,400 tonnes per annum to 541,400 tonnes per annum.

The proposed transaction is expected to be completed in two stages; viz. the operations of the Pig iron plant are expected to commence within six months and that of the sinter plant, within 18 months.

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Posted By : Yogender Pancholi on Wed, 16 Sep 2020
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