Maithan Alloys Limited has announced the acquisition of equity shares in Electrosteel Castings Ltd., a leading manufacturer of ductile iron and cast iron pipes. The acquisition was made through a stock exchange transaction, with Maithan Alloys acquiring a 0.33% stake, representing 202,751 shares. The total cost of the acquisition amounts to ₹4.99 crore.
The event, which occurred on September 17, 2024, at 3:30 PM, came to the attention of the company on September 18, 2024, at 10:12 AM. This acquisition, which is in line with Maithan Alloys’ investment strategy, is expected to provide both long-term and short-term benefits. The company, however, does not intend to take control of Electrosteel Castings’ management, either directly or indirectly.
Electrosteel Castings Ltd. is a prominent player in the infrastructure sector, catering to the water infrastructure development market. It manufactures ductile iron and cast iron pipes, among other products like pig iron, metallurgical coke, sponge iron, and cement. The company operates manufacturing facilities in multiple locations across India, including West Bengal, Tamil Nadu, and Andhra Pradesh, and also has a global presence in countries such as the UK, Italy, Germany, UAE, and Brazil.
For the financial year 2023-2024, Electrosteel Castings Ltd. reported a turnover of ₹6,938 crore, with a PAT of ₹716 crore and a net worth of ₹4,991 crore.
This acquisition further strengthens Maithan Alloys’ investment portfolio while highlighting its strategic focus on infrastructure and related industries. The company continues to seek opportunities that align with its vision for growth in sectors that offer sustainable long-term value.
Maithan Alloys Limited is an ISO 9001:2008 certified company, known for its manufacturing of ferroalloys and other industrial products, with facilities across West Bengal, Meghalaya, and Andhra Pradesh.
