Amtek Auto Ltd Monday acquired 10 per cent stake in Garima Buildporp Pvt Ltd. Garima Buildporp Pvt Ltd is the holding firm of OCL Iron and Steel Ltd. The deal is expected to enable Amtek Auto to source steel from Garima for manufacturing auto components. Garima Buildporp, a wholly owned subsidiary of Gateway Impex Private Limited, manufactures and sales steel and power generation. Garima has been undertaking a series of investments as it seeks to bolster its position in the market. In the financial year 2009-10, Garima Buildorp acquired 60.83 per cent stake in OCL from the outgoing promoters of the company – Ragu Hari Dalmia and R H Damia Trust and further acquired 15.38 per cent stake from the general public through open offer, which resulted in acquisition of 76.21 per cent stake in the company and subsequently became the holding firm of OCL. OCL Iron and Steel Limited, based in Rajgangpur in the eastern state of Orissa, manufactures and sells steel billets and sponge iron products in India. The company has captive iron and coal mines of around 5 million tonnes and 20 million tonnes respectively. It has a sponge unit with 20,000 tonne annual capacity and a 14 Mw power plant, working on waste heat produced by the plant. […]