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Sandur Manganese & Iron Ores Ltd (SMIORE) declared that its board has approved purchase of 80% stake in Arjas Steel Pvt Ltd by entering into a share purchase pact. The company did not reveal the financial details of the deal. However, the enterprise value of Arjas Steel Pvt Ltd (ASPL) is ₹3,000 crore.
"The board of directors approved strategic business acquisition through purchase of 80% equity share capital of ASPL, by entering into a share purchase agreement," the company mentioned in a BSE filing. Additionally, 19.12% stake in ASPL will be acquired by BAG Holdings Pvt Ltd --an entity owned by Bahirji A Ghorpade, one of the promoters of SMIORE.
The deal is expected to complete within seven months, subject to regulatory conditions of the share purchase agreement. "This acquisition marks a significant milestone for SMIORE as we venture into steel and value-added products manufacturing. It not only unlocks numerous synergies but also represents a meaningful forward integration for SMIORE.
The acquisition will take us another step closer to our strategic transition from a merchant miner to an integrated commodity producer," Ghorpade, Managing Director of SMIORE said. SMIORE is a private sector merchant miner and commodity producer. The company's operations span over three business segments i.e., mining (manganese and iron ore), ferroalloys, and coke and energy.
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