Mumbai : Prakash Steelage said the Spanish stainless steel maker Tubacex completed acquisition of a majority 67.5 per cent stake in its seamless stainless steel tube division for over Rs 209 crore.
In a BSE filing, the Mumbai-based firm said after signing the Joint Venture Agreement (JVA) on February 13, 2015, the firm transferred its seamless stainless steel tubes and pipes business to the Tubacex Prakash India Pvt Ltd (JV company) in accordance with provisions of the Business Transfer Agreement on July 25, 2015 entered into between the firm and JV company. The JV firm has issued equity shares to Tubacex S.A and the company. Prakash Steelage will continue to own and operate all its other businesses, including manufacturing of stainless steel welded tubes and pipes and trading business, it added.
