Balasore Alloys To Acquire 70% Stake In Zimbabwe Alloys

Balasore Alloys is planning to acquire 70% stake in Zimbabwe Alloys for cash payment of $16.47 million. The company will also make further payment of $74.26 million to creditors, towards injection of working capital and for a capital expenditure. The payments towards the creditors and members to the company will be paid in a staggered manner.

The acquisition will help Balasore Alloys in creating synergies and in expanding its business base to different parts of the world.

Balasore alloys is one of the largest ferro alloys producer and suppliers in India. Source: India Nivesh