Cronimet Alloys India Ltd, formerly GMR Ferro Alloys & Industries Ltd, engaged in the manufacture of high carbon ferro-chrome for use in the stainless steel industry, has acquired 92% of the total share capital of Atlanta MadencilikVeSanayiTicaretAnonimSiketi, a company incorporated and registered under the laws of Turkey from Atlanta Natural Resources Pte. Ltd.
The board of directors of Cronimet Alloys India Ltd. has approved the acquisition of 57,039 equity shares constituting 92% of the total paid up share capital of Atlanta MadencilikVeSanayiTicaretAnonimSiketi, a company incorporated and registered under the laws of Turkey from Atlanta Natural Resources Pte. Ltd, a company incorporated and registered under the laws of Singapore for a consideration upto $ 3 million.
Speaking about this acquisition Prashant Boorugu, managing director, Cronimet Alloys India Ltd. said: “This acquisition in Turkey represents seven chrome ore and three manganese mines. This strategy of backward integration ensures supply of key raw materials for the company. Needless to mention, that owning the mines will also result in substantial cost savings for the company thereby boosting the bottomline, multifold."
Cronimet Alloys India Limited a Hyderabad based company, engaged in the manufacture of high carbon ferro-chrome for use in the stainless steel industry was incorporated on March 23, 2006. Listed on both BSE and NSE, the company has a market cap of Rs 184 crore.
