Sandur Consolidating business by merging subsidiary
Sandur Manganese and Iron Ores Limited (SMIORE) is a well-established company, incorporated in 1954, engaged in the business of exploration, prospecting and mining of manganese ore, iron ore and also, manufacture of ferroalloys. It is currently operating in Ballari district of Karnataka. The equity shares of the company are presently listed on BSE and in process of listing on NSE. The merger of both entities can be a step to minimise the regulatory compliances and maximise the corporate governance. Star Metallics and Power Private Limited (SMPPL) is a subsidiary of SMIORE who is currently holding 80.57% stake in the company. SMPPL has a ferroalloy plant with two furnaces and a 32 MW thermal power plant which is used as a captive unit for its ferroalloy operations and is operating at Hosapete Taluk of Ballari district. Under a Facility Lease Agreement, SMPPL has leased out both the ferroalloy plant and thermal power plant to the Transferee Company for a tenure of three year...