Mukand Limited completed the acquisition of remaining 49% stake in Mukand Sumi Metal Processing Limited from Sumitomo Corporation.
September 29, 2022
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Mukand Limited (BSE:500460) agreed to acquire a remaining 49% stake in Mukand Sumi Metal Processing Limited from Sumitomo Corporation (TSE:8053) for approximately INR 490 million on November 11, 2021. The consideration will be paid in cash. As a result of transaction Mukand Sumi Metal Processing Limited will be 100% owned by Mukand Limited. For the fiscal year ended 2021, Mukand Sumi Metal Processing Limited reported revenue of INR 5,822 million. The transaction is expected to be closed by end of first quarter of Fiscal year 2022-23. National Company Law Tribunal, Mumbai Bench (NCLT), in its hearing on May 12, 2022, has sanctioned the Scheme of Arrangement amongst Mukand Sumi Metal Processing Limited (Demerged Company / Transferor Company), Mukand Sumi Special Steel Limited (Resulting Company / Transferee Company) and their respective shareholders and creditors, under the provisions of Sections 230 to 232 read with Section 52 and other applicable provisions of the Companies Act, 2013 and rules thereunder, for transfer of Alloy Steel Business of Demerged Company to Resulting Company. As of August 20, 2022, Further to update of May 14, 2022, Mukand Limited filled copy of Order of National Company Law Tribunal, Mumbai Bench (NCLT), sanctioning Scheme of Arrangement.
Mukand Limited (BSE:500460) completed the acquisition of remaining 49% stake in Mukand Sumi Metal Processing Limited from Sumitomo Corporation (TSE:8053) on September 30, 2022.
Mukand Limited is an India-based company, which is engaged in manufacturing of special alloy steel/stainless steel, billets, bars, rods, wire rods, EOT cranes, material handling equipment, other industrial machinery, comprehensive engineering services, construction/erection. The Company's segments include Specialty Steel, Industrial Machinery and Engineering Contracts, and Others. The Specialty Steel segment includes products, such as billets, blooms, rounds, wire rods, bars, rods and sections, bright bars and wires of special and alloy steel and stainless steel. The Industrial Machinery and Engineering Contracts segment products include electric overhead traveling (EOT) and other cranes, steel structurals, material handling equipment, and processing plant and equipment, among others. The Others segment comprises of road construction, property development and operations of non-banking financial activities. Its crane products include EOT crane, girder crane and shipyard cranes.
MUKAND LIMITED 
