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Electrotherm to acquire Hans Ispat Pvt Ltd and its subsidiary for Rs 60 crore
Written by Vijay   
Tuesday, 11 May 2010
Mumbai: Electrotherm (India) Ltd, , a manufacturer of medium frequency induction melting furnaces, induction heating and hardening equipment for ferrous and non-ferrous foundries, has entered into an Agreement for acquisition of 100% shareholding of Hans Ispat Ltd. and Shree Hans Paper Ltd. (a subsidiary of Hans Ispat Ltd.) at a consideration of upto Rs. 60 Crores. The transaction is expected to be completed in about 4 months.

Hans Ispat Ltd. and Shree Hans Paper Ltd., based in Kutch, Gujarat have manufacturing activities for Billet of 84000 TPA, TMT Rolling Mill of 1,20,000 TPA and SS Rolling Mill of 72000 TPA per annum at Bhudarmora Village, Anjar taluk in the Kutch district.

Last month the company had entered into a Share Purchase Agreement for acquisition of 100% shareholding of the Kolkata based Shree Ram Electro Cast Pvt. Ltd. at a consideration of upto Rs. 85 Crores.

Electrotherm has a 50 per cent market share in India for induction melting equipments, used by the engineering and automotive industry. It has its own steel plant with an installed capacity of 3.6 lakh tonne per annum.

 
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