Minivet picks up $3 mn stake in Shashwat Int'l

New Delhi, May 26: Minivet Ltd, an FII in the Indian market being advised by Smith Advisory, have picked up a stake worth three million dollar in Shashwat International Ltd.

Currently, Shashwat operates two refractory manufacturing facilities in West Bengal and Gujarat. The total capacity of the two units is proposed to be expanded to 300,000 million tonnes per annum (MTPA) from 80,400 MTPA.

The company proposes to expand its capacity by increasing manufacturing capacities at both of its units and acquisition of a large refractory unit in Orissa.

Since refractory is a critical component to the steel, glass and cement industries, all the three units of the company would be strategically located in close proximity to the large steel producing centers in the country, a company statement said.

UNI