Industry Update
DEE Development Engineers secure two international orders
Bansal Wire Industries Limited ( BANSALWIRE ) completed the acquisition of the remaining 23.85 % stake in Bansal Steel & Power Limited from existing shareholders on August 8 , 2024 .
EEPC India and ISSDA to advance MSME exports
DEE Development Engineers has secured two international orders totaling USD 140M from Mitsubishi Heavy Industries , Japan , and GE Vernova International . These contracts involve the supply of pre-fabricated carbon and stainless-steel piping components , according to a regulatory filing by the company . The order from Mitsubishi Heavy Industries is valued at USD 1,279,995 and is expected to be completed within 10 months . The GE Vernova International order is worth USD 473,249 and is anticipated to be fulfilled in 7 months . This announcement follows closely on the heels of another recent order win for DEE Development Engineers . On July 19 , the company reported securing a USD 63.3M purchase order from Bharat Heavy Electricals ( BHEL ) for the supply of 26.2 MT of turbine integral piping ( P-92 ), with execution scheduled between June and August 2025 .
BansalWire completes Bansal Steel & Power Limited acquisition
To encourage exports by MSME members , the Indian Stainless Steel Development Association ( ISSDA ) and the Engineering Export Promotion Council of India ( EEPC India ) have signed an agreement . According to an EEPC statement , the two groups will work together to find possible export products and plan trade shows , buyer-seller meetings , and economic summits . The pact also seeks to promote foreign investment and ease the sharing of trade information . EEPC India and ISSDA will hold capacity-building workshops in several locations to support the expansion of the stainless steel and engineered goods industries .
BPCL to invest Rs 1.7 lakh crore in Project Aspire
Bansal Wire Industries Limited ( BANSALWIRE ) agreed to acquire the remaining 23.85 % stake in Bansal Steel & Power Limited from existing shareholders for approximately USD 510M on July 31 , 2024 . A cash consideration of USD 509M will be paid by Bansal Wire Industries Limited . As part of the consideration , USD 509M is paid towards the common equity of Bansal Steel & Power Limited . Upon completion , Bansal Wire Industries Limited will own a 100 % stake in Bansal Steel & Power Limited . The transaction is subject to the approval of an offer by the acquirer board . The deal has been approved by the board . The expected completion of the transaction is within 30 days .
Bharat Petroleum Corporation Ltd ( BPCL ) has launched ‘ Project Aspire ’, a five-year strategic framework with a planned capital expenditure of Rs 1.7 lakh crore . The project is based on two pillars : ‘ Nurturing the Core ’ ( refining , marketing , and upstream petroleum products ) and ‘ Investing in Future Big Bets ’ ( petrochemicals , gas , green energy , non-fuel retail , and digital ). The company is developing renewable energy capacity , aiming for 2 GW by 2025 and 10 GW by 2035 . Investments include Rs 1,000 crore for two 50 MW wind power plants and Rs 300 crore for a 72 MWp solar project .
56 Stainless Steel World October 2024 www . stainless-steel-world . net