Essar to buy Shree Precoated Steels for Rs 600 crore

Essar Group chairman Shashi Ruia said,“This is an excellent addition to our steel business and will enable Essar Steel to provide the entire range of flat steel products to our customers.” On completion of the acquisition,Essar Steel will have the largest cold rolling capacity (2 MT),the largest colour coating facilities (0.4 MT) largest galvanising capacity (1 MT) and pickiling capacity of 2.2 MT in the country.

Ajmera Group managing director R S Ajmera said,“We strongly believe that an integrated player like Essar Steel will be able to take this business to its next phase of growth. Ajmera Group will continue to focus on its core activity of real estate.”

This acquisition will make Essar Steel the country’s only steel plant with integrated facilities from heavy plates,hot rolling,cold rolling,galvanising and colour coating,with a full distribution business with service centre and steel hypermarts.