Aarti Steel Nigeria Limited has invested a cumulative total of
$100 million in Nigerian economy. The firm said this underscored its commitment
to the nation’s industrial growth and development, and added that its strategy
has always been focused on the long-term survival and growth of operations in
Nigeria. These were contained in a statement jointly signed by the company’s
Chief Finance Officer, Sunil Kumar Sharma, and Head of Operations, Girish
Chandra Tripathi.
The Indian steel company also
said it was not exiting Nigeria. It said: “We assure our stakeholders,
partners, and the general public that Aarti Steel Nigeria Limited has no plans
to exit the country. Since our inception in 2003, we have invested a cumulative
total of $100 million into the Nigerian economy, underscoring our commitment to
the nation’s industrial growth and development.
“Aarti Steel Nigeria Limited
wishes to address and categorically refute the recent media reports falsely
claiming that the Company is planning to exit Nigeria. These reports are
entirely unfounded and do not reflect our intentions or actions.” It added: “We
are currently exploring various avenues to address and mitigate the impact of
the false media reports. These erroneous claims have the potential to disrupt
our business operations and create unnecessary uncertainty among our
stakeholders.
We are taking all necessary steps to correct the misinformation and assure our
stakeholders of our continued presence and investment in Nigeria. “We have
consistently communicated our plans and initiatives to recapitalise the Company
to our banking partners, ensuring that they are kept informed of our efforts to
sustain and enhance our business operations.”