Sandur Manganese & Iron Ores has received an approval for acquisition of balance 18.76% comprising 1,73,75,000 number of equity shares of Star Metallics and Power (SMPPL) to make it a wholly owned subsidiary (WoS). The board of director at their meeting held on November 14, 2015 has approved for the same. The company is already holding 81.24% of the equity share capital of SMPPL.
Further, the board has accorded its approval for taking on lease, for a period of three years, the Ferro Alloy Plant and Captive Power Plant from its subsidiary SMPPL.
Sandur Manganese & Iron Ores is engaged in the business of low phosphorous, manganese and iron ores mining.