The wholly owned subsidiary company incorporated Virtus for expansion of the group’s investment activities in metals and mining sector in United Arab Emirates, Dubai in the DMCC zone. The new entity will enter into strategic partnership with metals and minerals developers from United States of America (USA).

LGRF will acquire 100% stake in Virtus for total consideration of AED 50,000.

Lloyds Metals and Energy (LMEL) is the leading player in the iron and steel-making industry. The company’s consolidated net profit soared 169.05% to Rs 1,047.39 crore on 201.94% surge in revenue from operations to Rs 5,058.08 crore in Q3 FY26 over Q3 FY25.