India’s Sandur Manganese & Iron Ore Limited (SMIOL) has acquired the residual 20 percent equity stake in Indian specialty steelmaker Arjas Steel Private Limited (ASPL), making it a wholly-owned subsidiary, SMIOL said in a statement on Wednesday, November 6.
ASPL, incorporated in 1993, is among India’s top five players in the specialty steel sector, primarily serving the automotive industry.
The acquisition includes ASPL’s wholly-owned subsidiary, Arjas Modern Steel Private Limited, which operates an electric arc-based integrated steel plant in Mandi Gobindgarh, Punjab.
This strategic move aligns with SMIOL’s vision to expand its presence in the steel industry, building upon its existing business in manganese and iron ore mining, power generation, and ferroalloy manufacturing, the company said.