The Sandur Manganese & Iron Ores Limited (SMIORE) has successfully acquired Arjas Steel Private Limited, a specialty steel leader, marking a significant milestone in SMIORE’s strategic evolution. Originally announced in April 2024, the acquisition was completed on November 11, 2024. This move transitions SMIORE closer to becoming an integrated metals and mining powerhouse.
- Increased Stake: SMIORE amended the original agreement to acquire around 99% of Arjas, instead of the initially planned 80%.
- Enterprise Valuation: The transaction’s enterprise value stands at approximately ₹3,000 crore, with an equity value of around ₹2,000 crore.
- Strategic Alignment: Arjas Steel, now a material subsidiary of SMIORE, strengthens SMIORE’s position in the steel and mining sectors.
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Managing Director Bahirji A. Ghorpade commented on the milestone: “This acquisition takes us closer to our vision—from mines to metals. Arjas will align well with our business, helping us build a more robust company focused on quality and growth in multiple sectors.”
A New Chapter for Both Companies
Ghorpade, who will serve as Chairman of Arjas, expressed his commitment to supporting Arjas in achieving top industry positioning, adding: “Our integration will provide tremendous opportunities, both in Arjas’ core auto sector and expanding into Defense, Railways, Energy, and exports.”
The acquisition is expected to bring synergies that drive growth and value creation for SMIORE’s stakeholders, enhancing SMIORE’s current operations and adding new capacities in key sectors.
