Business News | Fedders Holding Ltd. Announces Strategic Acquisition for New Iron Ore Beneficiation Plant in Odisha

VMPL

New Delhi [India], July 22: Fedders Holding Ltd. announces the acquisition of approximately 60 acres of land in Odisha. This strategic acquisition is aimed at establishing a Sponge Iron Ore Beneficiation Plant with a capacity of 1.5 million tons per annum, through 100 per cent owned subsidiary, M/s Fedders Electric and Engineering Limited.

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The new plant is expected to significantly enhance the production capabilities and is slated to be fully operational by March 2025. This expansion aligns the commitment to sustainable growth and value creation for the company.

In the previous fiscal year, the company reported a profit of Rs 94.5 crore, reflecting its strong financial performance and robust business model. The establishment of the new plant is a testament to ongoing efforts to invest in high-potential projects that drive long-term profitability and market leadership.

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A leading corporate company with a specialized focus on the Steel sector with an ongoing vision of setting up a fully integrated TMT Steel Plant which would involve, from mining Iron ore to manufacturing TMT Bars all under one Group. Company is involved into steel business since 25+ years, it was bought over by Rakesh Singhal, who has an experience of 40 years in the industry. A well-known and respected businessman, the promotors are the leading manufacturer of LPG cylinder in India having the largest market share.

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