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ASI Industries' board has approved the incorporation of a new subsidiary, ASI Steel and Energy Limited, to diversify into the Iron & Steel industry. The company will hold a 75% equity stake in the new entity, which aims to explore setting up a TMT steel plant. This strategic move responds to limited growth in ASIIL's existing mining business and strong demand in the infrastructure sector. The initial investment for this diversification is up to INR 0.075 Cr. This initiative expands ASIIL's operational scope, aiming for new growth avenues.