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Mesco keen to buy struggling steel companies ¨C Ms Rita Singh- The 19th China£¨Guangzhou£©Int¡¯l Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
12/19/2017 Sheetmetal machinery, Forging, Stamping expo |
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Economic Times quoted Ms Rita Singh of the Mesco group as saying that Mesco is talking to willing promoters about acquiring mid-size struggling steel companies to double its steel capacity and emerge as strong mid-size player. Ms Singh, while refusing to share more details, told ET "Mesco has taken a strategic decision to engage with some of these companies and depending on the viability, try to acquire them. We are talking to promoters of some of these companies.¡±
She added that her targets include one in Maharashtra and Odisha each.
She told "The market is getting better. It is the right time to ramp up now.¡±
Mesco will be tapping finance companies to help fund these acquisitions as and when they fructify. With an M&A budget of around INR 1,500-1,700 crore, Mesco, which had acquired Maithan Ispat in 2015 and turned it around in two years, is also keen on debt-ridden Electrosteel Steels, now facing bankruptcy proceedings in National Company Law Tribunal.
The reason for her optimism is obvious. Steel prices have been on an upswing and thanks to government spending on construction and infrastructure, domestic demand is finally showing signs of an upturn. Banks, earlier shy of extending finance, are now coming forward with funds once again.
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The 19th China£¨Guangzhou£©Int¡¯l
Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
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