ET reported that the Miglani family has acquired Brahmani Industries, a Greenfield steel plant being built in Kadapa, Andhra Pradesh, by the controversial Reddy brothers, who also own mines and large tracts of land in the mineral rich Bellary region of Karnataka.
As per report, on March 24, Brahmani Industries convened an extraordinary general meeting to approve change of its name to Uttam Galva Ferrous.
The report said that a statement in the notice for the EGM said “The management of the company is being taken over and the new management has contemplated changing the name of the company, in order to bring the company Brahmani Industries under its Uttam Galva Ferrous brand name.”
As per report, the EGM also approved the change in the statutory auditors of Brahmani, from Sarda & Associates to Prakkash Muni & Associates.
The report added that the exact date of the acquisition is not known and the companies have made no public announcement.
Uttam Galva Ferrous is an unlisted company owned by the Miglani family.
The report quoted Mr Ankit Miglani as saying that he would not like to comment as the deal was carried out by an unlisted entity.