F-Tech Inc. (TSE:7212) agreed to acquire a 90% stake in India Steel Summit Private Limited from Sumitomo Corporation (TSE:8053) on March 24, 2022. F-Tech will acquire 172.8 million shares, representing a 90% stake in India Steel Summit. Upon completion, India Steel Summit will become a subsidiary of F-Tech.

Consolidated net assets, total assets, sales, ordinary profit and net income of India Steel Summit for fiscal year ending March 2021, were ¥ 1,242 million, ¥ 2,410 million, ¥ 2,090 million, ¥ 127 million and ¥ 127 million, respectively. The transaction is planned to be executed on May 31, 2022. EY represented Sumitomo in the transaction.

Ernst & Young Global Limited acted as financial advisor and Joseph Fisher of Herbert Smith LLP (Tokyo, Japan) acted as legal advisor to Sumitomo Corporation and TMI Associates acted as legal advisor to F-Tech Inc.