Global Steel holds 54% in Ispat

Global Steel Holdings, an international investment arm of the Ispat group, has emerged as the controlling shareholder of Ispat Industries with a 54.32 per cent stake.

According to the annual report of Ispat Industries for 2004-05, few Ispat group companies have become subsidiaries of Global Steel Holdings, helping the company to have the largest shareholding in Ispat Industries.

Although the promoters holding remains almost unchanged at around 54.49 per cent stake, experts say the development will help Ispat Industries to leverage the $ 7 billion balance sheet of Global Steel Holdings.

The annual report shows that Global Steel Holdings holds 376254890 equity shares of Ispat Industries, representing a 54.32 per cent stake.

Its subsidiaries include Ispat Steel Holdings, Ispat Holdings (P), Ispat Finance, Mudra Ispat, Denro Holding (P), Mita Holdings (P), Goldline Tracom (P), Gontermann Peipers India, GPI Investments (P), GPI Textiles, Kartik Credit (P), Kamrup Fabricators (P), Rajgarh Trading Co (P), Sanvatsari Investments (P), Ushaditya Investments (P), Waterloo Trade & Commerce (P), Dankuni Investments.

Global Steel Holdings' production units are based in Libia (1.8 million tonne), Philipines (3 million tonne), Nigeria (2 million tonne), Bulgeria (2.2 million tonne) and Bosnia (1.4 million tonne).