Saturday, september 18,
Ispat Industries has signed an agreement with London-based Stemcor Holdings, one of the largest steel traders, to sell 10% of its holding on a preferential basis.
The deal, according to market sources, is estimated at Rs 250-300 crore.
Stemcor will also work closely with Ispat on its expansion plans to set up a pellet and captive power plant at Dolvi in Maharashtra.
The two companies will set up a 1 million tonne coke oven plant that will cater to Ispat’s captive requirement. Completion of these projects, expected in the next two years, will complete Ispat’s integration at its Dolvi complex.
Stemcor will also enter into material offtake agreements with Ispat, ensuring reliable supply at a fixed price.
Leave a Reply