Aarti Steel Nigeria Limited has categorically denied recent media reports alleging its planned exit from Nigeria. The Indian steel manufacturer issued a statement titled “False Media Reports on Aarti Steel Nigeria Limited’s Planned Exit from Nigeria,” addressing and refuting these claims.
According to the statement, signed by Sunil Kumar Sharma, Chief Finance Officer, and Girish Chandra Tripathi, Director and Head of Operations, the company emphasized, “These reports are entirely unfounded and do not reflect our intentions or actions.” The company reassured stakeholders of its ongoing commitment to the Nigerian market, stating, “We assure our stakeholders, partners, and the general public that Aarti Steel Nigeria Limited has no plans to exit the country.”
Since its inception in 2003 and the commencement of formal operations in 2007, Aarti Steel Nigeria Limited has invested a cumulative total of $100 million into the Nigerian economy. The company reiterated its dedication to Nigeria’s industrial growth and development, despite current economic challenges, including the foreign exchange crisis.
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The statement highlighted the company’s strategy focused on the long-term survival and growth of its operations in Nigeria. Aarti Steel has consistently communicated its plans and initiatives to recapitalize the company to its banking partners, ensuring transparency and informed decisions.
The company remains confident in the resilience of the Nigerian economy, drawing on its history of successfully navigating similar challenges. It continues to invest in its operations, workforce, and the communities it operates in, reinforcing its unwavering commitment to Nigeria.
Aarti Steel Nigeria Limited has significantly contributed to the country’s economic growth by providing cost-effective indigenous products and creating employment opportunities. The company has expanded its capacities and product range through various projects, bringing its cumulative investment to around $100 million, making it one of the top producers of steel products in Nigeria. Nigeria serves as the hub for Aarti’s African businesses, which span six other locations on the continent.
The company’s impact on the Nigerian economy includes high-quality products and services, supporting local industries and infrastructure development, industrial base expansion, and employment creation.
Aarti Steel Nigeria Limited remains committed to its operations and the ongoing development of Nigeria’s industrial sector. The company is taking necessary steps to correct the misinformation and assure stakeholders of its continued presence and investment in Nigeria.
