Brazilian integrated steelmaker Gerdau said late this week it has completed the sale of Gerdau Steel India for Blue Coral Investment and Mountain Peak Investment.
Gerdau sold the stake it had in Gerdau Hungria KFT Y CIA Sociedad Regular Colectiva, a Spanish subsidiary that owned 98.9 percent of Gerdau Steel India.
Gerdau said it sold 100 percent of its operations in India, including a specialty steel unit in Tadipatri, with a 250,000 mt/year crude steel capacity, and a 300,000 mt/year finished steel capacity.
The Brazilian steelmaker said earlier in August it sold the Indian business for $120 million. Gerdau said at the time the deal was subject to “eventual adjustments in the acquisition value,” although the company did not mention the final price.