Home » District Diary » Industrialist Pramod Mittal-led Balasore Alloys Ltd to acquire 70 per cent shares of Zimbabwe Alloys Ltd

Industrialist Pramod Mittal-led Balasore Alloys Ltd to acquire 70 per cent shares of Zimbabwe Alloys Ltd

Balasdore:18/1/18:Industrialist Pramod Mittal-led Balasore Alloys Ltd (BAL) has entered into an agreement to acquire 70 per cent shares of Zimbabwe Alloys Ltd (ZAL) for a little over $90 million, it said in a filing to the Bombay Stock Exchange on Wednesday. ZAL is a limited company incorporated under the provisions of the Companies Act of Zimbabwe. The company is into the business of chrome ore mining and beneficiation and ferro chrome manufacturing. Its wholly owned subsidiary Zimbabwe AlloysChrome undertakes ferrochrome production.

The deal involves cash payment of $16.47 million for acquisition of 70 per cent shares from the existing shareholders of ZAL. A further payment of $74.26 million will be made to creditors, towards injection of working capital and for capex, BAL said in the filing. The payment to the creditors and members of the company will be done in a staggered manner.

The acquisition will help Balasore Alloys in creating synergies and in expanding its business base to different parts of the world, it said. ZAL holds 19,780 hectares of mining areas in different parts of Zimbabwe, which has proven resources of 72.25 million tonnes of chrome ore. The group has been under financial difficulties for the past several years resulting into minuscule production and insignificant turnover. ZAL posted turnover of $2.4 million in 2016, and $3.1 million in 2015 as per management accounts. Incorporated in 1984 in Orissa, Balasore Alloys, formerly Ispat Alloys Limited, is part of the Ispat Group. It claims to be one of the largest manufacturer and supplier of high carbon ferrochrome across the world, and at present has 5 furnaces with total capacity of 57 MVA to produce 95,000 MT bulk ferro alloys per annum, as per its website.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

Leave a Reply

Your email address will not be published.

x

Check Also

Mrrea Roy only sister of yesteryear eminent actor Gour Ghose was passed away

Bhubaneswar;4/12/21:Mrrea Roy only sister of yesteryear eminent actor Gour Ghose was passed away on 3rd, December at 9.24 pm at the age of 79 in her Budheswari colony, Bhubaneswar residence.Mrrea ...