Gujarat-based Electrotherm India Ltd said on Monday that it is going to takeover Hans Ispat Pvt. Ltd along with its subsidiary for Rs. 60 crore. The name of the subsidiary is Shree Hans Paper Ltd and the deal is for buying the frequency induction melting furnaces of Hans.

Electrotherm India is a manufacturing company which needs these furnaces for its usage. This is the second time that it has gone for such an acquisition within a month.

The last takeover that it did was that of Shree Ram Electrocast Pvt. Ltd for Rs. 85 crore in the month of April. Shree Ram is a Kolkata-based maker of pig iron.

As per the details given by both the companies to the BSE, the transition from Hans Ispat to Electrotherm will take close to four months time.

As of now, Hans has a steel manufacturing facility of 84,000 tonne per annum (TPA) of billet. Along with this it produces 1.2 lakh TPA of TMT rotting mitt and 72,000 TPA of stainless steel rolling mill.

Electrotherm, which has seen an expansion in its business lately; currently operates in 31 countries.