June 20, (THEWILL) – Aarti Steel Nigeria, an Indian manufacturing company, based in Ota, Ogun State, is reportedly exiting Nigeria.
The 120,000-capacity cold-rolled mill established in 2017 in Ota produces home appliances, roofing sheets, metal furniture, filing cabinets, tables, chairs, among others.
According to BusinessDay, the steel company, which has already been put up for sale, blamed its planned exit on indebtedness, challenging economy, fluctuating currency, surging inflation, and high energy costs.
“We are aware that Aarti Steel Nigeria has been put up for sale, but we are yet to make our bid,” BusinessDay quoted a reliable source from one of the bidding companies.
The source also added that African Industries and Bharti are bidding to buy Aarti for $50 million to $100 million.
However, a director at the company, C. Tripathi, has denied knowledge of the planned exit.
Tripathi, who said he is not aware that the company has been put up for sale, noted that key operating decisions come from its business headquarters in India.
The director confirmed that Aarti Steel Nigeria is trying to get more finance and bank commitments to increase production.
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