Indsil Hydro Power concludes acquisition of SMSPL

Indsil Hydro Power and Manganese has concluded the acquisition of 51% controlling stake in Sree Mahalakshmi Smelters (SMSPL) in all respects. The acquisition of the equity stake has been funded purely by internal accruals. The company has acquired SMSPL on October 24, 2011.

Further, the company has lifted the lock out in its Palakkad Smelter premises with immediate effect and normal operations have commenced. This is pursuant to a solution arrived at between the workers' union and the management towards a long term wage settlement. The lockout was declared on August 11, 2011.

Indsil Hydro Power and Manganese is engaged in the generation of electricity from its captive hydro electric power plant in Kerala, India. The company also involves in ferro alloy smelting. It offers low carbon silico manganese primarily to steel and stainless steel manufacturers in India; and mild steel ingots. The company operates a 21 MW hydro electric power plant.

SMSPL owns 8400 tpy silico manganese smelter at Garbham, Vizianagaram district, Andhra Pradesh.