SN Gupta advise Terruzzi Fercalx on Vulcan acquisition expand MA practice

The Mumbai office of S.N. Gupta & Co. is acting as the legal advisers to Italian company Terruzzi Fercalx SPA in its acquisition of Indian manufacturing unit Vulcan Engineers Ltd. The target company is engaged in the business of reheat and heat treatment furnaces and lime plants for the steel industry. The definitive document for acquisition of promoters’ stake has been signed, and post purchase of shares from promoters and preferential allotment, the acquirer is expected to hold more than 60 percent of the paid up share capital of Vulcan. Since Vulcan is listed on the Bombay Stock Exchange, this acquisition has triggered the open offer requirements of the Takeover Code.