Essar planning to acquire Kandil Steel of Egypt

Dubai, Jun 28: India's largest exporters of steel, the Essar Group is planning to acquire the Egypt"s Kandil Steel, reported the Emirates Business 24/7.

According to sources, Essar Steel is about to offer a formal proposal to Kandil Steel, so that it can keep its entrepreneurial spirit alive, and to keep growing beyond Indian frontiers.

"The Essar Steel is a global producer of steel with a footprint in India, Canada, USA, the Middle East, Asia and the proposed facility will be in line with Essar"s policy to be closer to its customers," said B Sivakumar, Director of Essar Steel Middle East FZE.

"We have been servicing Steel market for over a decade now in various international centers. Establishing a base in the Jebel Ali, one of the regions oldest and largest business hubs, gives us a strategic platform to implement our growth plans in the region," said Mr Sivakumar.

Through its Middle East subsidiary, Essar Steel intends to set up a 2,50,000-tonne processing and service centre in Dubai's Jebel Ali Free Zone in Jan 2010 to expand its service in various sectors such as automotive, white goods, ship building and engineering.

Indian steel is in huge demand in various parts of Middle East, Europe, US and various North African market.

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