Bansal Wire Industries Is Set To Launch A 100% Owned Subsidiary, Bwi Steels Pvt. Ltd

During their meeting on September 3, 2024, the Board of Directors of Bansal Wire Industries Limited approved the plan to incorporate a wholly owned subsidiary of the company, BWI Steels Pvt. Ltd.

Once incorporated, this wholly owned subsidiary will be a related party to the company, though the promoter group has no other interest in the transaction. BWI Steels will operate within the iron and steel industry, focusing on the manufacturing of steel wire rods and wires.

This acquisition aligns with the company’s main line of business, and no governmental or regulatory approvals are required for its completion. The acquisition will be carried out through a 100% subscription to the share capital in cash, with no specific acquisition cost applicable. The timeline for completing the acquisition has not been specified. The company will own 100% of the shares in the new entity.

The target entity, BWI Steels Private Limited, will have an authorised capital of ₹1,00,00,000 and currently has no turnover. The company being acquired has not yet been incorporated. Therefore, there is no information about its products, business line, date of incorporation, turnover for the last three years, or presence in any country.

Financial Highlights

For the fiscal year ending March 31, 2024, the wire manufacturer’s revenue increased by 2.1% to ₹2,466 crore, up from ₹2,413 crore the previous year. The company’s profit after tax (PAT) rose by over 31% to ₹78.7 crore, compared to ₹59.9 crore in FY23. From FY22 to FY24, the company experienced a 3% annual growth in revenue and an 11% increase in profit.

About Bansal Wire Industries Limited

Incorporated in December 1985, Bansal Wire Industries Limited is a leading manufacturer of stainless steel wire. Bansal Wire Industries is the largest producer of stainless steel wire in India and the second-largest overall steel wire manufacturer by volume. Bansal Wire Industries exports to over 50 countries and has global representatives in Bangladesh, Brazil, France, Germany, Israel, Italy, Netherlands, South Korea, South Africa, Sri Lanka, Turkey, the United Kingdom, the United States, and Vietnam. The company is building India’s largest steel wire manufacturing plant in Dadri, which will also be one of the biggest in Asia.

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