The Viraj Group, a stainless steel manufacturer, has sold a Romanian manufacturing plant of its Tubinox SA unit to South Korean firm KE&P Co Ltd. The deal involves sale of stainless steel seamless pipes and tubes manufacturing facility owned by Tubinox, which was acquired by the $915 million group in 2006.
Singhi Advisors was the financial advisor to Viraj Group on the deal.
KE&P is involved in recycling of STS scrap and selling it to companies like Posco and other overseas players. The company was established in 2000.
Viraj Profiles Ltd is a stainless steel producer with integrated manufacturing facilities and with the capacity of producing 348,000 tonnes per annum. The company is one of the largest manufacturers of long products in the world. Its products are used in petrochemical plants, oil pipelines, ships, structural designs, high tensile springs & cables, boilers, pressure vessels, liquid storage terminals, liquid cargo ships and surgical instruments, among others. The acquisition of Tubinox had helped the company start producing seamless tubes.