SMIORE buys stake in Arjas Steel

Hyderabad: Sandur Manganese & Iron Ores Limited (SMIORE) and private equity firm ADV Partners announced execution of a binding agreement relating to the strategic business acquisition of Arjas Steel Private Limited (Arjas) by SMIORE

SMIORE has signed a Share Purchase Agreement (SPA) with an entity affiliated with ADV Partners, an Asia-focused private equity firm to acquire a controlling interest in Arjas. The transaction has been agreed at an enterprise value of Rs 3,000 crore and will be subject to customary regulatory approvals and closing conditions.

Through this transaction, ADV will fully divest its interest in Arjas marking another successful exit from its India portfolio. Bahirji A. Ghorpade, Managing Director, SMIORE said: “This acquisition marks a significant milestone for SMIORE as we venture into steel and value-added products manufacturing. It not only unlocks numerous synergies but also represents a meaningful forward integration for SMIORE.