In 2017, Aaarti steel, a global steel maker from India, spent $20 million to $30 million to establish a 120,000-capacity cold-rolled mill in Ota, Ogun State, to serve Nigeria’s downstream players using the steel to produce home appliances, roofing sheets, metal furniture, filing cabinets, tables, and chairs, among others.
But the investment does not seem to matter much now as the steel company wants to exit Nigeria and has put its factory in Ota, Ogun State, for sale.
This will make it the sixth company to exit Nigeria in the first half of 2024 after Microsoft Nigeria, Total Energies Nigeria, PZ Cussons Nigeria PLC, Kimberly-Clark Nigeria, and Diageo PLC left the shores of Africa’s most populous nation.
The Ota, Ogun State-based steel maker, has already been put up for sale, and big players have submitted unconfirmed bids ranging between $50 million and $100 million.
African Industries and Bharti are bidding to buy the Indian-owned steel manufacturer for $50 million to $100 million.
The process is expected to be completed in a few months.
