Ashirwad Sponge Iron Pvt. Ltd. entered into business transfer agreement to acquire Sponge Iron Plant located at Jamshedpur from Ashirwad Steels & Industries Limited (BSE:526847) for approximately INR 150 million on January 25, 2022. Sponge Iron Plant reported net worth INR 91.9 million for the financial year 2020-2021. The transaction is subject to final approval by the shareholders of the company through ongoing Postal Ballot process and receipt of consideration value and is expected to close to March 15, 2022.

Ashirwad Sponge Iron Pvt. Ltd. completed the acquisition of Sponge Iron Plant located at Jamshedpur of Ashirwad Steels & Industries Limited from Ashirwad Steels & Industries Limited (BSE:526847) on October 25, 2022.