India’s leading manufacturer of seamless pipes ISMT has agreed to sell a 40 MW captive power plant, which has not been operational since 1 April 2014, on a slump sale basis for INR 65.71 crores to Omsairam Steels & Alloys. ISMT said “The sale of CPP will strengthen the Balance Sheet/ financial position of the Company as CPP is non operational and will also help reduce the annual operating cost that is incurred by the Company to keep CPP in working condition.”The transaction is expected to be completed by 26 February 2023.Jalna based Omsairam Steels & Alloys Private Limited is engaged in manufacturing of TMT Bars and Billets.
India’s leading manufacturer of seamless pipes ISMT has agreed to sell a 40 MW captive power plant, which has not been operational since 1 April 2014, on a slump sale basis for INR 65.71 crores to Omsairam Steels & Alloys. ISMT said “The sale of CPP will strengthen the Balance Sheet/ financial position of the Company as CPP is non operational and will also help reduce the annual operating cost that is incurred by the Company to keep CPP in working condition.”The transaction is expected to be completed by 26 February 2023.Jalna based Omsairam Steels & Alloys Private Limited is engaged in manufacturing of TMT Bars and Billets.
