E.B. Creasy Group to buy Tata’s steel roles Lankan subsidiary for Rs. 320 million
Daily FT: E. B. Creasy Group has said its subsidiary Laxapana Batteries PLC, intends acquiring the entirety of the capital of BlueScope Lysaght Lanka Ltd., from TATA BlueScope Steel Ltd., of India for Rs. 320 million.
It said the above acquisition will take place as per the terms and conditions set out in the Share Purchase Agreement entered into between Laxapana and BlueScope Lysaght Lanka Ltd., on 28 February, 2024. The capital of BlueScope Lysaght Lanka is 10,635,000 shares.
BlueScope specialises in forming panels from specialised coated steel roles. It has an established market for coated steel panels in the project and retail markets
E.B Creasy said it is envisaged that the acquisition would synergize the lines of business of the two entities and would consolidate and strengthen the position of Laxapana in the steel industry.
OSL take:
Sri Lanka’s private sector has shown great strength and resilience even amidst challenging economic conditions experienced by the country in the past few years. It is also indicative of the overall strength and resilience of Sri Lanka’s overall economy. The above story indicates the growth and expansion undertaken by many businesses in Sri Lanka’s private sector. Sri Lanka’s strategic positioning in the Indian Ocean, the many trade agreements as well as trade concessions enjoyed with other countries and the emergence as a business hub in the South Asian region are all indicative of the country’s growing business potential. Foreign businesses/investors could therefore explore the growing opportunities in Sri Lanka while also looking at forming partnerships or joint ventures with local businesses with the aim of further expansion.
| Article Code : | VBS/AT/20240308/Z_4 |