Ashwin Muthiah-owned Sicagen India, a leading manufacturer of industrial products, has signed an agreement to acquire Bengaluru-based Danish Steel for undisclosed amount.
The acquisition of Danish Steel, which specialises in precision fabrication of stainless steel and aluminium products, would help Sicagen to exploit opportunities in high-end precision steel and metal fabrication business. Sicagen will acquire 100 per cent equity stake from the existing promoters, in a phased manner, said the company in a statement on Monday.
Ashwin Muthiah, Chairman, Sicagen, said over time the company has strengthened capabilities to integrate and develop single window experience for customers from diverse sectors. With a network of 32 branches in India, Sicagen intends to grow and expand further, he said.
The third-generation top executive of MA Chidambaram family, Ashwin Muthiah is credited with turning around the Group’s struggling fertiliser and petrochemical business. Besides consolidating the core business, he is also focusing on new ventures for diversification.
With a turnover of ₹600 crore, Sicagen is engaged in the trading and distribution of building materials in India and South-East Asia. It has a tie-up with the UAE-based Danube Group for selling its products, including sanitaryware and commercial plumbing fitting in India. The company trades building materials, including pipes, precision and seamless tubes, steel rebars, PVC pipes, electrical cables, steel fittings and cement.
Danish Steel caters to different sectors, including windmills, railways and metros, food processing machines, clinical equipment and shop fitting solutions for retail and engineering applications.
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