Basque region, Spain-based seamless stainless steel pipe producer Tubacex has announced that it has completed the acquisition of 68 percent of the seamless stainless teel tube division of Indian company Prakash Steelage.
According to the previous announcement in February, with this operation Tubacex maintains a purchase option for the remaning 32 percent. As a result of its recent acquisitions, the Spanish company has become the leading manufacturer of seamless stainless steel tubes worldwide and has industrial platforms in Europe, America and Asia.
Meanwhile, the steel division in question which is located close to Mumbai has 250 employees with an annual turnover of €25 million