Garg Furnace Limited informed the exchange that it had approved the acquisition of not less than 51% equity stake in Vaneera Industries Private Ltd., thereby making it as subsidiary company.
Vaneera Industries Private Ltd. has already obtained Environmental Clearance (‘EC’) from Central Pollution Control Board, and is in process of setting up of manufacturing facility for two specialised products.
Alloy Steels: The alloy steel division will focus on the production of alloy steel ingots, rounds, and bars, with a planned total capacity of 204,000 MT per annum. As a first phase, VIL will be setting up manufacturing facility with total capacity of 102,000 MT per annum, which is expected to start commercial production in October 2025. Commercial production utilizing the remaining capacity of 102,000 MT is expected to start in June 2026.
Screws & Fasteners: This division will focus on the production of self-drilling screws with investment in advanced machinery and technology from Taiwan, under the brand name ‘TAGIT’. To start with, VIL has set up a manufacturing facility of self-drilling screws with a capacity of 1,200 MT per annum, which is expected to start commercial production in November 2024.