The Hindu Business Line : ISMT to merge into India Seamless Steels

INDIA Seamless Metal Tubes Ltd (ISMT) is all set to merge into India Seamless Steels and Alloys (ISSAL) to create a Rs 1,000-crore engineering company.

The Bombay High Court has convened a shareholders' meeting of both the companies on August 1 to approve the merger. The shareholders of ISMT are proposed to be offered five equity shares in ISSAL for every four held in ISMT.

The merged entity,to be named ISMT Ltd, will be one of the largest seamless tube manufacturing companies in the Asia-Pacific region.

ISMT will offer a broad range of seamless tubes to tier-1 suppliers in auto, bearing and other engineering sectors. It will also continue to use its surplus ckapacity for manufacture of specialised steels.

The company's product mix is undergoing a rapid shift towards high-end products. In the current fiscal, only about 15 per cent of its sales will come from low and commodity business, against 40 per cent in 2003-04.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Essar Oil clarifies on Ratna, Mehsana blocks

Jayant Agro to pay 50%

M&M rolls out new pick-up vehicle

SPML bags Delhi Govt deal for waste management

Hyderabad co in deal to sell carbon credits to Japan firm

GangaGen bags 2 US patents for phage knowhow

ISMT to merge into India Seamless Steels

Nostalgia for Note 18

Hay House into joint venture with Indian firm

`We want to produce the best tea at the lowest price'

BHEL bid to build 400-MW power plant in Sudan

ITC printing unit goes global with pioneering solutions

Arvind Mathew to take over as Ford India MD — New car to be rolled out by year-end

New VP for Green Park hotel

AGM & `problem' shareholders — CESC's way of keeping them at safe distance