Ofbusiness, a B2B commerce and fintech startup, is looking to invest about Rs 3,000 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.
The company is looking forward to investing close to $350 million, about Rs 3,000 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 & equityfinancing
The company is also planning a $1 billion IPO in FY26.
https://yourstory.com/2025/01/ofbusiness-plans-to-invest-rs-3k-cr-in-next-3-yrs-to-ramp-up-steel-biz