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Published on: Friday, Fri, 15 Nov 2024 ● 4 Min Read
BENGALURU, India, Nov. 15, 2024 -- The Sandur Manganese & Iron Ores Limited ('SMIORE' or 'the Company'), one of the leading private sector mining players, has successfully completed the strategic business acquisition of Arjas Steel Private Limited ('Arjas'), a leading speciality steel company focused on high quality auto grade Special Bar Quality (SBQ) steel on 11 November 2024. This landmark transaction, originally announced in April 2024, marks a significant step in SMIORE's evolution from a mining company to an integrated metals and mining powerhouse.
Commenting on this milestone, Bahirji A. Ghorpade, Managing Director, SMIORE, said:
"This marks the closure of a very important milestone in our journey of forging a new path: from mines to metals. The addition of Arjas to SMIORE will align perfectly with our business model and catapult us to become a metals & mining powerhouse in the industry. Our team has worked relentlessly to conclude the transaction within record time and within the originally anticipated timelines of 7 months from the date of announcement.
I look forward to closely work with the team at Arjas in my role as the Chairman of Arjas Steel Private Limited.
I want to reiterate that, we will propel Arjas' growth and industry positioning as a premier player in the speciality steel industry. The synergies between the two companies will pave the way for a robust business, that will focus on delivering quality products to its customers, ample career opportunities to its employees within the group and work towards collective value creation of all its stakeholders.
To the stakeholders of SMIORE, this acquisition is expected to unlock numerous synergies, representing a meaningful integration for SMIORE's current operations. The potential at Arjas is tremendous, within its existing core competencies in the auto sector, and beyond in key sectors such as Defence, Railways, Energy and exports."
About The Sandur Manganese & Iron Ores Limited
The Sandur Manganese & Iron Ores Limited ('SMIORE') is one of India's most respected private sector merchant miners and commodity producers with an operational track record spanning seven decades. At present, the Company's operations span over three business segments i.e., Mining (Manganese & Iron Ores), Ferroalloys, and Coke and Energy. Together, these assets work in conjunction with each other to leverage the benefits of being an integrated Company in the metals and mining industry.
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This document which has been prepared by The Sandur Manganese & Iron Ores Limited (the 'Company'), has been prepared solely for information purposes. This document has been prepared by the Company based on information and data which the Company consider reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Document. This Document may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Document is expressly excluded.
Certain matters discussed in this Document may contain statements regarding the Company's market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company's ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Document. The Company assumes no obligation to update any forward-looking information contained in this Document. Any forward-looking statements and projections made by third parties included in this Document are not adopted by the Company and the Company is not responsible for such third-party statements and projections.
