Brazilian steel-maker Gerdau, announced
majority ownership of its first plant in Asia and change of its unit name from Kalyani Gerdau
to Gerdau which was a Joint Venture between the two companies.
This is the maiden plant of Gerdau in
Asia and is located at Dadipatri which comes under Anantapur district in Andhra
Pradesh.
Gerdau entered into a joint venture
with Kalyani Steels in 2007 to acquire SJK Steel Plant with an equal
partnership of 45 % each. After acquiring Kalyani's shares, Gerdau has now
become a majority owner.
Executive Director of Gerdau- India
Arvind Mathur said the move will help Gerdau to cater the domestic market.
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