Texmaco Rail and Engineering Limited said its board has approved the acquisition of a steel casting foundry from Simplex Castings Limited. The steel casting foundry, located at Urla in Chhattisgarh, will be bought at an enterprise value of Rs 87.7 crore, said Texmaco in a stock market disclosure.
- The said acquisition is likely to result in capacity expansion by more than 50%.
- The company’s existing capacity stands at around 30,000 MT, which is running at 60% utilisation.
- The acquisition complements Texmaco’s existing product range and will cater to the increased demand for its products.
- Simplex Castings’ steel casting foundry generated revenues of Rs 73.53 crore in the fiscal ended 31 March 2018, accounting for 33.4% of the total revenue of the manufacturing firm.
- The foundry is equipped with an electric ARC furnace which can produce single piece plain carbon steel castings, alloy steel castings and ductile iron casting.
- This foundry has sophisticated testing facilities spectrometers, hydrogen analyzers, cobalt and iridium radiography machines and ultrasonic testing equipment, etc.
- Simplex Castings’ other manufacturing facilities include a cast iron foundry and a heavy engineering and fabrication plant.
- Texmaco is engaged in the business of manufacturing of rolling stock such as wagons, coaches, electrical multiple units (EMU), loco shells and parts.
- It also manufactures hydro-mechanical equipment, steel castings, rail engineering-procurement-construction (EPC), bridges and other steel structures.
JSPL completes delivery of 1 lakh tonne first-ever rail order from Indian Railways
Date : April 23, 2019
Jindal Steel and Power Limited (JSPL) on Tuesday said it has completed delivery of its 1 lakh tonne first-ever rail order, which the firm had bagged from the Indian Railways. Last year in July, JSPL had received from the Indian Railways an order of 1 lakh tonne rails, to be supplied within a year.
- JSPL said in a BSE filing,”In a significant development, JSPL has completed delivery of first ever rail order to supply rails to Indian Railways.”
- The company had bagged 20% of the Rs 2,500 crore global tender by the Railways to supply long rails.
- JSPL Joint Managing Director N A Ansari said that the order, which was to be completed over a period of 1 year, has been completed ahead of the scheduled time.
- Recently, JSPL bagged an additional order of 30,000 tonne long rails from the Indian Railways, he also said.
- He said,”We are proud to contribute to government’s Make In India initiative. These achievements are testament to the capability of our team as well as our valued partnership with Railways. We continue to stay committed to developing Infrastructure needs.”
- The Railways had invited the global tender for procuring around 4.87 lakh Metric Tonnes of rails to meet the shortfall of supply from the Steel Authority of India Ltd (SAIL).
About Jindal Steel and Power Limited (JSPL):
- Part of the USD 18-billion OP Jindal Group, JSPL has presence in steel, power, mining and infrastructure sectors.
- It is the only private steel company that produces long rails in India.
- The company operates a 1 Million Tonne Per Annum (MTPA) rail mill at its steel plant in Raigarh, Chhattisgarh.
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