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This story is from August 4, 2007
Jaiprakash Associates acquires Malvika Steel
With this, the group, which has interest in construction, engineering, hydroelectricity, cement and real estate, will enter the steel sector.
Lenders led by IFCI have already received the money generated through auction JA executive chairman Manoj Gair said the company already has interests in power, engineering, construction and cement and a foray into the steel segment was a natural diversification for it.
He said acquiring the company was a strategic investment since setting up a greenfield unit and making it operational would have taken a minimum of five years.
With the steel plant, he said, the company has the basic infrastructure in place and the plant can be made operational in the next 24 months.
The company would leverage the growth opportunity in UP and Bihar, he added.
In the first phase, the company would be investing Rs 800 crore by December 2008 when the capacity would be 5 lakh tonne. It would invest another Rs 1,000 crore by March 2010 to take the total capacity of the steel plant to one million tonne. "With steel plant, the backward integration for the group is complete, giving it a leverage in cost of construction as well as reliable supply position," Gaur said.
The company acquired Malvika Steel, earlier promoted by Usha Group, in an open auction made by the Debt Recovery Tribunal. The steel firm was taken over by some financial institutions after it failed to meet its interest obligations.
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