Briefing newspersons here, Essar Steel CEO J Mehra said his company has entered into a definitive business transfer pact with SPS under which the assets to be transferred include the plant comprising colour coating line (annual capacity of 4 lakh tonnes), cold rolling mill (of 6 lakh tonnes) galvanizing line (5 lakh tonnes) and pickling line (6.5 lakh tonnes).
Essar Steel will also take over the fixed assets with a book value of Rs 600 crore and the existing debts worth Rs 175 crore of the company, whose plant is located near Pune.
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