Indsil Hydro Power and Manganese Ltd has informed BSE that, pursuant to approval by the Board of Directors of the Company at their meeting held on October 24, 2011, Indsil Hydro Power & Manganese Ltd along with its Group Company has acquired a 100% stake in Sree Mahalakshmi Smelters Pvt Ltd, which owns a 8400 tonnes per year silicomanganese smelter at Garbham in Vizianagaram district of Andhra Pradesh.

Indsil Hydro Power & Manganese Ltd would have a 51% stake in SMSPL and consequently, SMSPL would become a material subsidiary of Indsil Hydro Power & Manganese Ltd.,

Upon acquisition of the Company, the capacity of the target will be enhanced to 13200 tonnes per year of silicomanganese by way of a combination of de-bottlenecking and capacity modification measures.

Set up in 2008, Sree Mahalakshmi Smeltors manufactures ferroalloys such as ferrosilicon and silicomanganese. The company commenced commercial operations in August 2010. The company is promoted by Mr G Sasidhar Reddy, Mr Vakada Gopi and mr N Pawan Kumar Reddy.

Incorporated in 1990, Indsil commenced operations for manufacturing of ferrosilicon alloys with an 8500 tonnes furnace in 1994 in Palakkad, Kerala. Besides the smelter, IHML also has a 21 MW hydel power plant in Idduki district of Kerala, which commenced operations in June 2001.

In February 2010, Indsil formed a 50:50JV with Oman based Muscat Overseas Group to set up a ferrochrome manufacturing facility in Oman.

(Sourced from moneycontrol.com)