Spanish seamless stainless steel producer Tubacex, which is also globally number one in this segment, announced the acquisition of a majority 68 per cent stake in the seamless stainless tube business division of Prakash Steelage Limited on Friday which has a turnover of Rs 175 crore.
Tubacex has plans to use India as a hub for furthering its business in the Asian Pacific region. Its business in India so far has been with companies like Reliance and L&T which amounted to Rs 65 crore in 2014.
Buoyed by the Narendra Modi government’s investment in infrastructure and the coming boom in the energy sector, the company sees huge opportunities in the fertiliser, energy and aerospace sector that are also susceptible to high corrosion.
Jesus Esmoris, CEO, Tubacex said they were also looking at nuclear energy and are already working with Westinghouse globally.
The demand for seamless stainless steel in India is presently 40,000 tonnes, 60 per cent of which is imported, said Ajay Sambrani, managing director, Asia Pacific for Tubacex, adding that the division of Prakash Steelage Ltd that Tubacex has invested in produces 5,000 tonnes annually. They expect to double this in two years. Prakash Steelage has a sales turnover of Rs 1,000 crore.
Source: The Asianage
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