FINANCIAL NEWS

ANC Holdings acquires 10% stake in India Steel Works

18 Aug 2010

(MENAFN) Emirates 24/7 reported that ANC Holdings has bought 10 percent share in India Steel Works (IWS), formerly known as Isibars, for $4.11 million in an all-cash deal and also plans to expand its shareholding in the company within a year.

ANC Holdings has interests in construction, education, food and hospitality and has been talking with different Indian companies.

Post the deal, the promoter?s holding in ISW has come down to 48 percent, from the existing 55 percent. The company too wants to increase equity sale in the company to ANC Holdings.

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