Sri Lanka’s E.B. Creasy and Company PLC has acquired 100 per cent issued shares (2,500,000) of Lanka Special Steels Ltd from its owning company, India’s Tata Steel Ltd. for Rs. 433 million.

Beginning operations in Sri Lanka in 2003, Lanka Special Steels Ltd has been engaged in the manufacture and supply of hot dipped galvanized wires with an installed capacity of 14,400 metric tons per year and has recorded an annual turnover of Rs. 1,400 million for the current financial year.

Lanka Special Steels Ltd was the first foreign venture by India’s Tata Steel which is among the top 10 steel industries in the world.