Sicagen India Limited acquires Danish Steel

KOLKATA: Sicagen India Limited, a leading provider of trading and marketing of construction related material has acquired Danish Steel, a Bengaluru-based company which specializes in precision fabrication of stainless steel along with carbon steel, mild steel and aluminum.

As part of the deal, Sicagen will acquire 100 per cent equity stake from the existing promoters, in a phased manner.

For Sicagen India, the partnership is a long term investment and part of a comprehensive strategy to expand its manufacturing capabilities, the company said in a statement issued on Monday.

Sicagen India said the acquisiton will help it tap into opportunities in high end and high precision steel & metal fabrication business for long term growth. Ashwin Muthiah, chairman of Sicagen said:“Over time we have strengthened our capabilities to integrate and develop single direct window experience for our customers ranging from diverse sectors. With a network of 32 branches in India, we intend to grow and expand more.”

Sicagen India is presently a Rs 600 crore company with presence across India and South East Asia and has over 400 employees.

“We consistently look for opportunities to expand our key areas of business and build our expertise. The long term investment which we have made will enable us to strengthen our manufacturing capabilities and optimize our position”, said Sunil Deshmukh CEO­ Infrastructure Group & New Business Initiatives at AM International Holdings & Director on the Board of Sicagen.

Danish Steel caters to sectors like windmills, transportation – Railway & Metros, food processing machines, clinical equipment, shop fitting solutions – retail & engineering applications.