Investment worth Rs 7,500 crore planned by Shyam Metalics
The leading integrated metal-producing company Shyam Metalics has plans of foraying into the stainless steel business by acquiring Mittal Corp Ltd in an NCLT-led resolution process. Firm would invest about Rs 7,500 crore over the next 4-5 years to scale up its metal business.
In a statement, Shyam Metalics said, "Mittal Corp's acquisition cost is about Rs 450 crore, and we outbid Jindal Stainless, the competitor for the sick asset put under the NCLT resolution process. The acquisition will enable us to foray into stainless steel and special products, such as defense materials".
Also Read: Investment Worth Rs 850 Crore Planned By Shyam Metalics