Indian group takes over Tubinox

The Indian company Viraj Alloys Limited took over the whole stake, that is 99.5%, in the pipes producer Tubinox Bucharest, previously owned by Silcotub Zalau. The transaction was conducted through the company Sino Investment Global Limited, registered in the Virgin Islands, according to a report sent by the new majority shareholder to RASDAQ. The value of the transaction was not revealed. Viraj Alloys is a part of Viraj Group, an Indian company operating in the steel industry. Viraj exports to over 60 countries and posts over 100 million dollars annual turnover. The officials of the two parties involved in the transaction could not be contacted for further details. Tenaris Group, the majority shareholder of Silcotub gave up Turbinox, after having announced at the beginning of last year that it was planning to invest one million dollars in it. ZF