B2B commerce startup OfBusiness seek CCI approval to acquire a majority stake in SMW Ispat, a thermo-mechanical treatment (TMT) steel manufacturer.
The raw material supply chain in segments such as food grains, metals, plastics, petrochemicals, industrial chemicals, and building materials is the core business of OfBusiness Tech. The deal size was not disclosed in the CCI application by OfBusiness. According to sources familiar with the situation, OfBusiness' parent company, OFB Tech, is acquiring a 100%stake in SMW Ispat, primarily to acquire its key brand, Sangam TMT. SMW Ispat operates a 40-million-tonne induction furnace that produces TMT bars, steel billets, and sponge iron. Sangam Steel, a brand of SMW, houses a beneficiation plant that produces iron ore at a capacity of 2,000 tonnes per day.