SAIF Partners-backed steel product manufacturer Pennar Industries Ltd is acquiring 51 per cent stake in Pennar Enviro Ltd, which specialises in water and waste water treatment, for a consideration of Rs 4.27 crore, the company has disclosed in a statement to the Bombay Stock Exchange.

Pennar Enviro, part of the Hyderabad-based Pennar Group, is the authorised manufacturer and marketer of ELF fuel oil additives. The company has technical collaboration with the global petroleum major Total S.A of France.

Pennar Industries manufactures steel products such as cold-rolled steel strips, precision tubes, cold-rolled formed sections, electro-static precipitators, profiles, railway wagons & coach components, press steel components and road safety systems.

SAIF Partners holds 7.74 per cent in the company while other investors include Eight Capital India and Spinnaker Global. Pennar Industries has also inducted Vishal Sood of SAIF Partners as an additional director.

Pennar Industries’ scrip closed at Rs 33.90 on the BSE on Wednesday, down 3.28 per cent from the previous close.

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