The Hindu Business Line : Essar Steel completes acquisition of 2 cos

ESSAR Steel has announced that it has completed the acquisition of Hy-Grade Pellets Ltd (HGPL) and Steel Corporation of Gujarat Ltd (SCGL) from Stemcor, UK. Both the companies are now fully owned subsidiaries of Essar Steel Ltd.

"With these acquisitions, Essar Steel becomes a totally integrated steel producer with end-to-end control over raw materials, processes, technology and finished products. The acquisition of HGPL will bring in benefits of high quality raw material and considerably better yields in steel making," Essar Steel said in a news release.

HGPL operates a 4-million tonnes per annum pellet plant in Visakhapatnam.

SCGL's acquisition will bring in 1.2 million tones of cold rolling capacity into Essar Steel.

"We are delighted that this transaction has been completed. We expect these acquisitions will bring in increased synergy and seamless integration in our operations and help strengthen the company," the release said quoting the company's Managing Director, Mr Prashant Ruia.

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