E.B. Creasy Group to buy Tata’s steel roles Lankan subsidiary for Rs. 320 m

Thursday, 29 February 2024 04:03 - - {{hitsCtrl.values.hits}}

E. B. Creasy Group yesterday said its subsidiary Laxapana Batteries PLC, intends acquiring the entirety of the capital of BlueScope Lysaght Lanka Ltd., from TATA BlueScope Steel Ltd., of India for Rs. 320 million.

It said the above acquisition will take place as per the terms and conditions set out in the Share Purchase Agreement entered into between Laxapana and BlueScope Lysaght Lanka Ltd., on 28 February, 2024 . The capital of BlueScope Lysaght Lanka is 10,635,000 shares.

BlueScope specialises in forming panels from specialised coated steel roles. It has an established market for coated steel panels in the project and retail markets

E.B Creasy said it is envisaged that the acquisition would synergize the lines of business of the two entities and would consolidate and strengthen the position of Laxapana in the steel industry.