Shakambhari Ispat and Power Ltd (SIPL) announced the acquisition of SPS Steels Rolling Mills Limited, the sole owners of Elegant Steel at a press conference held in Kolkata.

Deepak Kumar Agarwal, Chairman cum Managing Director, Shakambhari Group, Naresh Agarwal, CEO, Shakambhari Ispat and Power Ltd and others graced the event.

The current turnover of SPS is rupees 407 crores and is targeted to reach 1000 crores in the current financial year.

The management has also proposed to expand the market brand of Elegant Steel nationally. The management also proposed to add a captive power plant to channelize waste products which have been generated during the running of various units of the plant. A light structural mill with a monthly capacity of 8000 MT will be set up to increase the value additions of the products. The company also has planned to increase the TMT manufacturing capacity at its existing plant to 25000 MT per month from the existing capacity of 15000 MT.

The company aims to explore and expand the market share of Elegant Steel in several states including Jharkhand, Bihar, Uttar Pradesh and others.

Priyanka Dutta