APL Apollo Tubes Ltd has announced the acquisition of assets of production unit located at Chegunta, Hyderabad, one of the unit of M/s Taurus Value Steel & Pipes Private Limited.
The acquisition will result in higher volumes, better competitive strength and reduced freight cost.
The consideration to be paid is cash payment of Rs. 70 Crore.
Taurus Value Steel & Pipes Private Limited was incorporated on 01/08/2009 and has a capacity of 2,00,000 ton per annum. The company had a turnover of Rs. 773.7 crores in FY 2017-18.
Shares of APL APOLLO TUBES LTD. was last trading in BSE at Rs.1451 as compared to the previous close of Rs. 1469.05. The total number of shares traded during the day was 548 in over 95 trades.
The stock hit an intraday high of Rs. 1464.9 and intraday low of 1441.85. The net turnover during the day was Rs. 796423.