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Aditya Birla group controlled Grasim Industries has sold its sponge iron business to a
subsidiary company of Welspun Gujarat for a total consideration of Rs 1,030 crore.
Grasim run its sponge iron business under Vikram Ispat, which operates as a separate
division of Grasim. Vikram Ispat had a turnover of over Rs 950 crore during the last
financial year.
“Grasim would transfer its Vikram Ispat undertaking into a new special purpose vehicle,
to be formed as a subsidiary company of Grasim. This would be funded by Welspun
Power and Steel Limited, through equity investment,” Grasim said in a statement.
Welspun is a closely held unlisted company having its registered office in Gujarat. It
manufactures sponge iron at its plant situated at Anjar. It is a subsidiary company of the
$500 million Welspun group.
Grasim shares were down 0.47 per cent or Rs 10.50 to close at Rs 2217.20 at the Bombay
Stock Exchange on Tuesday.
Name of
Designation Representing Location
employee
Ajay Kumbhat President (VC Office) Welspun Retail Ltd. Lower Parel ,
Mumbai
Humberto Tello Chief Executive Officer Welspun USA and New York , USA
Mexico
Tapas Mitra Chief Financial Officer Welspun India Ltd. Lower Parel ,
Mumbai
Compliance Officials
Kaushik Kapasi Assistant Vice President & Company Welspun Syntex Ltd.
Secretary