By Anurjay Dhal
BHUBANESWAR: Chairman and Managing Director , Mining Magnet, Sidhartha Rungta led Rungta Sons Pvt Ltd (RSPL) is a subsidiary company of Jharkhand Chaibasa Headquarters’ Rungta Mines Group , engaged in the business of mining of iron ore and manganese ore, and manufacturing of ferro alloys.
Officials sources on Wednesday revealed that the Competition Commission of India( CCI) has approved the proposed combination involving acquisition of 100% shareholding in SMC Power Generation Limited by Rungta Sons Pvt Ltd.
SMC Power Generation Ltd (SMCPGL) is a public limited company primarily engaged in the business of manufacture and sale of sponge iron, steel billets, Thermo Mechanical Treatment (TMT) bars, pig iron and ferro alloys (specifically, silico manganese). SMC Power Generation Ltd (SMCPGL) has also power plant at Hirma in Odisha’s Jharsuguda.
The proposed transaction involves RSPL acquiring 100% shareholding in SMCPGL (Proposed Combination). Detailed order of the Commission will follow. Rungta Sons Pvt Ltd and Rungta Mines Ltd runs several Iron, Ore, Manganese and coal blocks with integrated steel, power plants. These two company bagged several coal blocks in Odisha, which will likely to feed new power plants.
The SMC Power Generation Ltd had established their plant with capacities of Sponge Iron 6,70,000 TPA, Billet 6,25,000 TPA, TMT 4,00,000 TPA & Power 110 MW in Jharsuguda. Mool Chand Aggarwal is CMD while Chandra Prakash Aggarwal is Director with several others on board.
