Vikas Ecotech Acquires Shamli Steel for Rs 160 Crore
By Rediff Money Desk, NEWDELHI Jan 23, 2024 17:53
Vikas Ecotech Ltd (VEL) has acquired Shamli Steel for Rs 160 crore. The acquisition will contribute to VEL's revenue and expand its footprint in regional markets.
![Vikas Ecotech Acquires Shamli Steel for Rs 160 Crore](https://im.rediff.com/money/2016/apr/21steel.jpg)
New Delhi, Jan 23 (PTI) Recycling player Vikas Ecotech Ltd (VEL) on Tuesday said it has acquired Shamli Steel for Rs 160 crore.
It has also infused an initial working capital of Rs 15 crore in Shamli Steel and plans to invest another Rs 35-50 crore over the first 3-6 months after taking over the operations of the plant, according to a regulatory filing.
"Vikas Ecotech acquires 100 per cent equity of Shamli Steel at an enterprise value of Rs 1600 million (Rs 160 crore) in a share swap deal," it said.
The acquisition is capable of contributing to the gross revenue of the company by an additional Rs 900 crore and will provide an edge to the company while expanding its footprint in the regional markets.
Located in Uttar Pradesh, Shamli Steel has the capacity to produce about 2.5 lakh tonne of thermo mechanically treated bars (TMT bars), corrosion resistant steel bars, rounds and billets.
It has also infused an initial working capital of Rs 15 crore in Shamli Steel and plans to invest another Rs 35-50 crore over the first 3-6 months after taking over the operations of the plant, according to a regulatory filing.
"Vikas Ecotech acquires 100 per cent equity of Shamli Steel at an enterprise value of Rs 1600 million (Rs 160 crore) in a share swap deal," it said.
The acquisition is capable of contributing to the gross revenue of the company by an additional Rs 900 crore and will provide an edge to the company while expanding its footprint in the regional markets.
Located in Uttar Pradesh, Shamli Steel has the capacity to produce about 2.5 lakh tonne of thermo mechanically treated bars (TMT bars), corrosion resistant steel bars, rounds and billets.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Navi Mumbai...](https://im.rediff.com/80-80/money/2021/jun/10navi-mumbai-airport7.jpg)
Navi Mumbai Airport ILS Signal Testing Begins
The Airports Authority of India (AAI) has begun ILS signal testing at the...
![Air India VRS for...](https://im.rediff.com/80-80/money/2020/sep/09tata-vistara-3.jpg)
Air India VRS for Non-Flying Staff Ahead of...
Air India has announced a voluntary retirement scheme (VRS) and voluntary separation...
Fisher Groups Oppose WTO Fisheries Subsidy Talks
Small-scale fisher groups from India, Indonesia, and Bangladesh demand WTO keep...