Tata exits from Lankan steel biz, E.B. Creasy buys for Rs. 433 m

Wednesday, 1 April 2015 01:47 -     - {{hitsCtrl.values.hits}}

E.B. Creasy and Company Plc has acquired a 100% stake in Lanka Special Steels Ltd. from Tata Steel Ltd. for Rs. 433 million. Lanka Special Steels Ltd. (LSSL) is engaged in the business of manufacturing and supplying hot dip galvansied steel wires with an installed capacity of 14,400 metric tons per annum and has an annual turnover of Rs. 1.4 billion for the current financial year. Tata... LSSL commenced operations in Sri Lanka in November 2003. It was Tata Steel’s first overseas acquisition. The company is the sole manufacturer of GI wires in Sri Lanka and caters to the commercial galvanised wires market for end users like barbed wires, wire meshes and chain links. It uses state-of-the-art technology and high-speed wire drawing machines to manufacture high quality products. Lanka SSL is a market leader in the segments that it serves. Tata Steel Global Wires (TSGW) Business is amongst the largest steel wire manufacturers in the world (largest in India, Thailand and Sri Lanka), with six manufacturing facilities in India, Thailand and Sri Lanka. It has a combined annual manufacturing capacity of 670,000 MT and employs over 2,000 people worldwide. To bring about a greater focus to the steel wires business, Tata Steel has brought all its wire manufacturing under the scope of the Global Wires Business. The total revenue of TSGW was $ 496 million in 2012-13. Tata Steel today is among the top 10 steel producers in the world with an existing annual crude steel production capacity of around 30 million tons per annum. The Group has operations in 26 countries, a commercial presence in over 50 countries, and an employee strength of over 81,000. With a focus on continuous improvement, the company meets diverse customer requirements across multiple segments worldwide. It is the first integrated steel plant in Asia.