Concurrent Infra acquires 65k tonne capacity Vakratund Ispat

NEW DELHI: Mumbai-based Concurrent (India) Infrastructure today said it has completed the acquisition of 65,000 tonne per annum capacity Vakratund Ispat and the production will start tomorrow.

"The outgoing promoters of Vakratund Ispat Pvt Ltd have handed over the possession of the plant and machinery, land and buildings...and with the acquisition being complete, henceforth Vakratund Ispat will be 100 per cent subsidiary of Concurrent (India) Infrastructure," the company said.

It said the production will commence from December 14. "At full capacity utilisation, the plant is expected to generate annual revenue to the tune of Rs 180 crore," the company said in a filing to the Bombay Stock Exchange.

The plant at Sanaswadi in Maharashtra produces rods and structurals used by infrastructure industry.

Commenting on the deal conclusion, company's Managing Director and CEO K Sudhir Babu said though there was some delay in it but "we could make it with the successful financial closure for this acquisition."

In August, Concurrent (India) had said it has agreed to acquire Vakratund Ispat's steel plant but had not disclosed the financial terms of acquisition.