Arjas Steel stock is acquired by SMIORE
Hyderabad: A formal agreement regarding the strategic business purchase of Arjas Steel Private Limited (Arjas) by SMIORE has been executed, according to a statement from private equity firm ADV Partners and Sandur Manganese & Iron Ores Limited (SMIORE).
In order to get a controlling stake in Arjas, SMIORE has entered into a Share Purchase Agreement (SPA) with a company connected to Asia-focused private equity firm ADV Partners. At an agreed-upon enterprise value of Rs 3,000 crore, the deal is contingent upon typical regulatory clearances and closing requirements.
With this deal, ADV will successfully leave its India portfolio once again and totally dispose of its investment in Arjas. “This acquisition marks a significant milestone for SMIORE as we venture into steel and value-added product manufacturing,” said Bahirji A. Ghorpade, Managing Director of SMIORE. It is a significant forward integration for SMIORE and opens up a plethora of synergies.
