New Delhi : Mesco Steel said it has acquired Odisha-based Maithan Ispat for Rs 1,160 crore in a mix of debt and equity deal.
The deal will help bail out Maithan Ispat, which is saddled with a debt burden of Rs 795 crore, and enable Mesco to utilise large iron ore mines of the Odisha-based company. “The deal will take Mesco Steel’s capacity to 2.2 million tonne per annum,” Mesco Steel CMD Rita Singh told PTI. Mesco will take over Maithan Ispat’s 1 million tonne steel plant at Kalinganagar.
