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Welspun Vikram Ispat

Grasim Industries sold its sponge iron business, Vikram Ispat, to Welspun Gujarat for Rs 1,030 crore. Vikram Ispat operates as a separate division of Grasim and had a turnover of over Rs 950 crore last year. The transaction will be completed by transferring Vikram Ispat's assets to a new subsidiary of Grasim, which will then be acquired by Welspun Power and Steel through equity investment. The deal is expected to close within the next six months.

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944 views4 pages

Welspun Vikram Ispat

Grasim Industries sold its sponge iron business, Vikram Ispat, to Welspun Gujarat for Rs 1,030 crore. Vikram Ispat operates as a separate division of Grasim and had a turnover of over Rs 950 crore last year. The transaction will be completed by transferring Vikram Ispat's assets to a new subsidiary of Grasim, which will then be acquired by Welspun Power and Steel through equity investment. The deal is expected to close within the next six months.

Uploaded by

sawshiv
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© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Vikram Ispat sold to Welspun for Rs 1,030 cr

First Published: 23:56 IST(10/6/2008)


Last Updated: 23:57 IST(10/6/2008)

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.

The transaction is expected to be completed within the next six months.

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.

Welspun Power & Steel Ltd. ( Corporate Office)

Trade World, B-wing,


9th floor, Kamala Mills Compounds,
Senapati Bapat Marg,
Lower Parel (West),
Mumbai 400 013, INDIA

Tel: +91 22 5650 3000

+91 22 2490 8000

Fax: +91 22 2490 8020

The following list is arranged in alphabetical order.

Name of
Designation Representing Location
employee

Ajay Kumbhat President (VC Office) Welspun Retail Ltd. Lower Parel ,
Mumbai

Akhil Jindal Director (Corporate Affairs) Welspun Group Lower Parel ,


Mumbai

Anurag Sharma President Welspun India Ltd. Lower Parel ,


Mumbai

Ashok Jain President (Finance) Welspun India Ltd. Lower Parel ,


Mumbai

Asim President (Projects) Welspun Group Anjar, Gujarat


Chakraborty

B.A. Kale Chief Executive Officer Welspun Syntex Ltd. Chirabazaar,


Mumbai

Bharat Sharma Director (Operations) Welspun India Ltd. Anjar, Gujarat


Braja Mishra Chief Executive Officer and Welspun Gujarat Stahl Lower Parel ,
Executive Director Rohren Ltd. Mumbai

Charles Chief Operating Officer & Executive Welspun U.S.A. Manhattan ,


Gaenslen Vice President New York

Duarte Relvas Chief Executive Officer Sorema , Portugal Espinho ,


Portugal

Humberto Tello Chief Executive Officer Welspun USA and New York , USA
Mexico

Joel Rosenblatt Managing Director Christy UK Ltd. Hyde Cheshire


, UK

Krishna Mohan President Welspun Retail Ltd. Lower Parel ,


Mumbai

L. T. Hotwani Chief Operating Officer Welspun Gujarat Stahl Lower Parel ,


(Operations) Rohren Ltd. Mumbai

M. L. Mittal Executive Director Welspun Group Lower Parel ,


Mumbai

Prashant K. President (Projects) Welspun Gujarat Stahl Anjar, Gujarat


Mukherjee Rohren Ltd.

Dr. Rakesh Director (HCGA) Welspun Group Lower Parel ,


Mehta Mumbai

S. L. Jain President Welspun Power and Lower Parel ,


Steel Ltd. Mumbai

S.M. Khare Director Welspun Syntex Ltd. Chirabazaar,


Mumbai

S. R. Somani Director (Projects) Welspun Power and Lower Parel ,


Steel Ltd. Mumbai

Swapan Nath Director (Operations) Welspun India Ltd. Vapi, Gujarat

Tapas Mitra Chief Financial Officer Welspun India Ltd. Lower Parel ,
Mumbai

Updeep Singh President (Projects) Welspun India Ltd. Lower Parel ,


Mumbai

V.S. Bhat President (POY - Spinning) Welspun Syntex Ltd. Silvassa,


Maharashtra

Compliance Officials

D. K. Patil Sr. Vice - President (Legal) & Welspun India Ltd.


Company Secretary

Kaushik Kapasi Assistant Vice President & Company Welspun Syntex Ltd.
Secretary

Pradeep Joshi Assistant Company Secretary Welspun Gujarat Stahl


Rohren Ltd.
Corporate Office

Trade World, 'B'-wing, 9th Floor,


Kamala Mills Compound,
Senapati Bapat Marg, Lower Parel,
Mumbai 400 013, INDIA

Tel : +91 22 66136000 / 24908000


Fax : +91 22 24908020 / 24908021

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