African Industries and Bharti Bid $50-100 Million for Indian-Owned Aarti Steel’s Exit from Nigeria

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African Industries and Bharti are bidding between $50 million and $100 million to acquire the Indian-owned steel manufacturer Aarti, with the process expected to conclude within a few months, sources reveal.

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Aarti, based in Ota, Ogun State, is asking investors to submit their profiles as the company seeks a credible investor for the handover. This development comes as Aarti Steel joins a growing list of companies exiting Nigeria in 2024, including Microsoft Nigeria, Total Energies Nigeria, PZ Cussons Nigeria PLC, Kimberly-Clark Nigeria, and Diageo PLC.

Aarti’s departure is attributed to significant challenges such as high indebtedness, a struggling economy, a weakening currency, rising inflation, and high energy costs, a source speaking anonymously told BusinessDay.

“We are aware that Aarti Steel Nigeria has been put up for sale, but we are yet to make our bid,” said a source from one of the bidding companies, who requested anonymity.

Experts warn that Aarti’s exit will further tarnish Nigeria’s reputation as an investment destination and hinder the country’s goal of achieving a $1 trillion gross domestic product (GDP).

Peter Okafor
Peter Okaforhttp://Naija247news.com
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