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Steel Exchange India Ltd has decided to acquire Lion Impex DWC-LLC of Dubai and make it a wholly owned subsidiary.
The company did not disclose the details of the transaction.
In a statement to BSE, the company has informed the proposal to acquire and make the Dubai firm its subsidiary while also indicating move to make SEIL (Hong Kong) Limited, incorporated on June 2, 2015, as a wholly owned subsidiary.
The Board also approved to revive www.steelexchangeindia.com, India’s first e-commerce portal for steel industry.
Q1 results
The company posted a marginal drop in its net profit for the first quarter ended June 30, 2015 at Rs 8.65 crore as against Rs 9 crore for the corresponding quarter last year.
The total income from operations was at Rs 317.66 crore during the quarter as against Rs 296.76 crore for the corresponding period last fiscal.
With the amalgamation of the Simhadri Power with the company, the first quarter numbers are not comparable, the company stated.
With the amalgamation, the company has made sale of power as a separate segment.
The company shares closed at Rs 56.30, down 4.25 per cent at BSE today.
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