-         This acquisition marks SMIORE’sforay into manufacturing of special steels and value-added products.

-         Arjas is a fully integratedspecial steel company and among the top five manufacturers of special steelproducts.

-         Arjas has been valued at an enterprisevalue of ?3,000-crore.

SMIORE has signed a Share Purchase Agreement(SPA) with an entity affiliated with ADV Partners, an Asia-focused privateequity firm to acquire a controlling interest in Arjas. The transaction hasbeen agreed at an Enterprise Value of ?3,000-crore and will be subject to customary regulatory approvals andclosing conditions. Through this transaction, ADV will fully divest itsinterest in Arjas marking another successful exit from its India portfolio.

Arjas is among the top five special steelmanufacturers in India supplying to automobiles sector. The company operatesout of two plants spread across nearly 950 acres – its flagship manufacturingfacility in Andhra Pradesh, and another facility in Punjab – through itswholly-owned subsidiary, Arjas Modern Steel Private Limited. Arjas is currentlyundergoing a major expansion at both its facilities, which will enhance itsconsolidated capacity as well as expand its downstream facilities.

Apart from automobiles, Arjas caters to a hostof other industries, such as energy, railways, defence, engineering, materialhandling, and agriculture.