Laptev Finance has received approval from Competition Commission of India (CCI) to acquire Welspun Corp's plates and coils mill division. Welspun Corp has signed an agreement with Laptev Finance to sell its plates and coils mill division for Rs 848.5 crore. The Board of Directors of the company at its meeting held on March 30, 2019 approved the slump sale of the business undertaking of the company viz Plates and Coils Mill Division to Laptev Finance.
Welspun Corp is currently in four businesses viz. Line Pipes, Energy, Infrastructure & Steel and enjoys a global leadership position in the first two businesses. It may be recalled that Welspun Corp is already in advanced stages of demerging the parts of its business other than Line Pipes into Welspun Enterprises through a court process.
