Sujana Metal Products (SMPL), a part of well-diversified Rs 30 billion Sujana Group of Companies, has made announcement about the acquisition of three steel units in the country.

The recently acquired units, Saritha Steels, Glade Steels and Sree Ganga Steels are situated at Vishakhapatnam, Hyderabad and Chennai, respectively.

YS Chowdary, the chairman, Sujana Group of Companies, said, “These acquisitions will enable SMPL to cater the fastest growing realty and infrastructure markets in southern part of the country.”

The company also announced that it would invest Rs 1.80 billion for these acquisition, up-gradation and growth of their capacities.

The company’s latest acquisitions are in proportion to the company’s strategy to boost up the capacity to one million tonnes per annum by 2010 via acquisitions and expansion plans.

Previously, the company acquired Kamini Steels and Handum Industries.

SMPL has targeted to reach a sales level of Rs 3100 crore by 2010.

The company's expects sales turnover of Rs 1,400 crore during the existing financial year (July 2007-June 2008).

The company also plans to enhance its profit from an estimated Rs 50 crore in the current financial year to Rs 300 crore by 2010.

At 1:35 p.m., the shares of the company gained 3.2% to trade at Rs 24.50 on the Bombay Stock Exchange (BSE).