Electrosteel Castings has acquired 27,65,000 equity shares of SGD. 1/- each of Singardo International for a consideration of Rs 41.50 crore. Consequently, Singardo will become a wholly owned subsidiary of the Company.
Singardo operates in the Water, Gas, and Telecom sectors and trades in Electrosteel Brand DI Pipes and fittings, European origin Gas Valves, PE Pipes for Gas, etc. The Company is looking forward to market expansion in South East Asia, Far East, and ASEAN Regions for DI Pipes and Fittings. It is also interested in global sourcing and trading of products used in the Water Industry, Gas Industry, Infrastructure projects, etc., by utilising existing sales networks globally through its subsidiary companies.
