Sandur Manganese & Iron Ores informed that its board has approved acquisition of additional 20%, aggregating to 100% of the equity share capital of Arjas Steel (ASPL), in one or more tranches.
ASPL is an integrated specialty steel (alloy and microalloy) manufacturer located in Tadipatri with upstream and downstream facilities. ASPL is among the top 5 players in India primarily catering to the automotive sector. The consolidated turnover for FY24 of ASPL is Rs 2,608 crore.The company said that the acquisition of ASPL is a strategic investment which brings potential benefits that aligns with its strategic vision and future road map to become a national integrated player in the steel industry.
Sandur Manganese & Iron Ores is the flagship company of the Karnataka-based Sandur Group. It is involved in mining of low phosphorous manganese and iron ore in the Hosapete-Ballari region of Karnataka. It also manufactures ferro-alloys (silico-manganese) at its plant in Vyasankare, near Hospet.
The company's consolidated net profit surged to Rs 144.49 crore in Q1 FY25 as against Rs 39.78 crore in Q1 FY24. Net sales jumped 66% YoY to Rs 601.67 crore in June 2024 quarter.
The scrip slipped 3.45% to close at Rs 442.05 on Monday, 4 November 2024.
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