The
world’s leading manufacturer of stainless steel tubular solutions has
acquired a majority stake in the seamless stainless tube business of
Prakash Steelage Limited, a leading stainless steel tubes & pipes
Company in India
Ø TUBACEX,
the world’s leading manufacturer of stainless steel tubular solutions,
acquires a 68% stake of the seamless stainless steel division of Prakash
Steelage Limited.
Ø Tubacex strengthens its position in the fastest growing markets in Asia
Ø Prakash
has about 250 employees and a turnover of about 25 million Euros (Rs
175 crore)in this seamless stainless steel tube division
Mumbai, 13th February 2015.
The Spanish company specialized in the manufacture of stainless steel
tubular solutions, has reached an agreement with the Indian company,
Prakash Steelage Limited, to acquire a 68% of its seamless stainless
steel tube division, one of the leading manufacturers of stainless steel
tubes and pipes in India.
The seamless stainless tube division employs about 250 people and has a turnover of about 25 million Euros (Rs 175 crore).
According
to Jesús Esmorís, CEO of TUBACEX, "The acquisition of a majority stake
in the seamless stainless steel division of Prakash Steelage is a step
towards strengthening our presence in Asia”.
According
to Managing Director of Asia Pacific, Ajay Sambrani, “This acquisition
is a strategic medium and long term decision that will enable us to
increase our presence in the market”.
“The
joint venture will be mutually beneficial for Tubacex and Prakash
Steelage and is expected to reinforce the growth of the stainless steel
seamless tubes and pipes division” says Shri Prakash Kanugo, the
Chairman and Managing Director of Prakash Steelage Limited. “With this
Joint venture, Tubacex Prakash will aim to be a leader in the stainless
steel tubes and pipes business in India”, he adds.
Following
its recent acquisitions, Tubacex has become the leading manufacturer of
seamless stainless steel tubes worldwide and has industrial platforms
in Europe, America and Asia.
Tubacex
will strengthen its position in the fastest growing markets, with
particular emphasis on Asia, where the Group is increasing its
commercial presence.
This
acquisition fits perfectly into the company's Strategic Plan. Following
a successful initial phase of strengthening its financial position and
improving results (2013-2014), it is now entering into the next growth
phase (2015 and 2016).
About TUBACEX
TUBACEX
is a multinational group with its headquarters in Spain, dedicated to
the manufacture of stainless steel and high-alloyed seamless tubes, a
sector in which it is the leading manufacturer worldwide. It has
production plants in Spain, Austria, China, Italy and the United States,
services centers in Brazil, France and Houston, as well as subsidiaries
and sales offices in fourteen counties.
The
main sectors demanding the tubes manufactured by TUBACEX are the oil
and gas, petrochemical and power generation industries, which account
for over 90% of the Group's sales. The remaining 10% is aimed mainly at
the mechanical and aerospace industry, among other sectors of activity.
With sales of around 700 million Euros, over 90% of the Group's business is in foreign markets.
It
will have a workforce of over 2,500 people from twenty different
nationalities and spread throughout fifteen countries. More than half of
the Group's staff is working abroad.
TUBACEX has been listed on the Spanish Stock Market since 1970 and forms part of the "IBEX MEDIUM CAP" Index.
ABOUT PRAKASH STEELAGE
PRAKASH
STEELAGE LIMITED (PSL or Company) is one of the leading manufacturers
of stainless steel tubes and pipes in India with an installed capacity
of 20,500 MTPA spread across 2 plants at Umbergaon, Gujarat and
Silvassa, Dadra Nagar and Haveli.
Founded
in the year 1991 by leading industrialist Shri Prakash C Kanugo, the
Company has achieved Sales turnover of Rs1000 Crores.
The
Company’s manufacturing quality and process are well recognized and are
certified by ISO 9001 14001 18001. The Company has various prestigious
certifications and vendor accreditations in its fold.
The Company made an initial public offering of equity shares in 2010 and is listed on leading India bourses NSE and BSE.”
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