Steel Exchange India (SEIL) has received approval from High Court at Hyderabad for Telangana and Andhra Pradesh for the amalgamation of Simhadri Power with itself with the effective date of merger as April 1, 2013.
The amalgamation will not only help SEIL to compete better in the market with uninterrupted supply of power to its existing units but also provide reliable power to its expansion plans which will also enhance the scale of operations and thereby provide significant impetus to the growth of both the companies.
Simhadri Power, a Vizag-based company, has a coal-based power plant generating 60 MW of power. Of this, 34 MW is used for captive purpose and the remaining is sold to the Andhra Pradesh grid.
Steel Exchange India operates in six divisions, namely Trading Division, Steel Melting Division, Rolling Division, Wire Drawing and HC Wire Products & Galvanized Wire Division, Pyxis Software Division and Sponge Iron Division.
