APL Apollo Tubes Ltd said it has acquired Lloyds Line Pipes, a Maharashtra-based manufacturer of steel tubes and pipes. The acquisition, worth Rs40 crore, has been completed in an all-cash deal.
The Lloyds Line Pipes facilities will help APL Apollo manufacture up to 14-inch tubes. Located close to the ports, these facilities would not only ensure savings in logistics cost, but would also enable higher exports. With this acquisition, APL Apollo will strengthen its capacity from existing 400,000 tonnes per annum (tpa) to 490,000 tpa.
On Friday, APL Apollo Tubes ended 0.53% up at Rs143 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.73% down at 19,585.
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