Brazilian steel-maker Gerdau, on Tuesday, announced majority ownership of its first plant in Asia, located at Anantapur district in Andhra Pradesh, and change of the unit’s name from Kalyani Gerdau to Gerdau. In 2007, Gerdau entered into a joint venture with Kalyani Steels, to acquire SJK Steel Plant with an equal partnership of 45 per cent each. After acquiring Kalyani’s shares, Gerdau has now become a majority owner.

Gerdau’s Executive Director-India Arvind Mathur said the move paved the way for Gerdau to cater to the domestic market.

More In: Business