The Sandur Manganese & Iron Ores Limited (BSE:504918) entered into and Share Purchase Agreement to acquire 80% stake of Arjas Steel Pvt Ltd on April 25, 2024. The enterprise value of ASPL is approximately INR 30 billion. To acquire an 80% equity stake in ASPL, equity value willbe decided basis customary and agreed adjustments to the enterprise value at the closing date.

The transaction is subject to customary closing conditions as per the Share Purchase Agreement (SPA) and approval of the Competition Commission of India. Consolidated turnover for FY 2022-23 of ASPL is INR 28.76 billion. The acquisition of ASPL is expected to complete within seven months.