Electrosteel Castings has completed the acquisition of a 70% stake in Arabian Water Tech LLC, an Oman-based entity, for OMR 21,000. The transaction makes the water technology firm a subsidiary of the Indian castings manufacturer.

The Board of Directors approved the investment proposal on November 10, 2025. Electrosteel acquired 14,000 equity shares of OMR 1 each from Arabian (DIFC) SPC1 Limited and Arabian (DIFC) SPC2 Limited. The company confirmed receipt of the share certificates and the remittance of the full consideration amount.

Transaction Details

The acquisition was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The deal structure involved the purchase of majority equity shares to secure control over the subsidiary.

Strategic Context

Electrosteel Castings, headquartered in Kolkata with registered offices in Odisha, has expanded its international footprint through this investment. The acquisition aligns with the company's strategy to diversify into water technology solutions in the Middle East market.

Indranil Mitra, Company Secretary of Electrosteel Castings, signed the intimation letter dated September 19, 2026, confirming the completion of the share transfer process.

Electrosteel Castings shareholders approved a final dividend of Re. 0.90 per share for FY26 during the company's 71st annual general meeting on August 31, 2026. The company has now released the final voting results and scrutinizer's report for the meeting.

The meeting commenced at 11:30 am and concluded at 12:24 pm via video conferencing. Rajkumar Khanna, Independent Director, chaired the proceedings. The deemed venue was the registered office in Rajgangpur, Odisha.

Key Resolutions Passed

Shareholders approved ordinary resolutions for the following items:

• Adoption of audited standalone financial statements for FY26.
• Adoption of audited consolidated financial statements for FY26.
• Declaration of final dividend of Re. 0.90 per equity share.
• Re-appointment of Priya Manjari Todi as director.
• Re-appointment of Radha Kejriwal Agarwal as director.
• Ratification of remuneration for joint cost auditors S G & Associates and Narasimha Murthy & Co. for FY27.

Voting Results

The scrutinizer's report confirms that all resolutions were passed with requisite majority. The promoter group voted in favour of all items. Public institutions showed significant dissent on the adoption of financial statements, with over 34% of votes cast against the standalone statements and over 36% against the consolidated statements.

Total valid votes cast ranged from approximately 364 million to 364.2 million across resolutions. The record date for the meeting was August 24, 2026, with 181,890 shareholders on record.

Auditor Observations

The chairman requested the statutory auditors to read their report, which included a qualified opinion. Members were directed to the Board's explanations provided in the Directors' Report regarding these qualifications. The secretarial audit report for the year ended March 31, 2026 was taken as read.

Meeting Details

Sunil Katal, Whole Time Director and CEO, and Rajesh Daga, CFO, addressed shareholder queries. Rashmi Bihani served as the scrutinizer for the e-voting process conducted by National Securities Depository Limited. Results were declared within two working days.