OfBusiness To Invest Rs 3k Cr To Ramp Up Steel Biz

New Delhi: OfBusiness, a b2b commerce and fintech startup, is looking to invest about Rs3,000 crore into doubling its steel business to more than 4MTPA in the next three years.

The company has acquired three steel firms -- SMW Ispat, Shree Sidhbali Ispat and Noble Steel -- in the past and the expansion is lined up in all the three companies.

“We are looking forward to investing close to $ 350 million, about Rs3,000 crore, to scale up our steel business from the current 2 million tonne to more than 4 million tonne in the next 3 years. This is also expected to sharply increase the sector EBITDA to 2.5x from the current level.

The funding will be a combination of internal accruals and debt & equity financing,” Co-Founder and CEO Asish Mohapatra said. The company supplies steel to companies such as L&T, Adani, J Kumar, Dilip Buildcon, Ashoka Buildcon.