SPS Steels comes fully under Shakambhari

ShakambhariIspat and Power Ltd has completed the process of acquisition and taken over control of SPS Steels Rolling Mills — the makers of ‘Elegant Steel and TMT bars’ after receiving approval from the Kolkata bench of National Company Law Tribunal (NCLT). SPS Steels has an integrated steel plant with facilities to manufacture TMT bars and has an installed capacity of close to 1.8 lakh tonnes per annum. However, the capacity was underutilised at around 35 per cent before the takeover.