Friday, June 24, 2022

Tata Steel Mining completes 100% acquisition of Rohit Ferro-Tech

Tata Steel Mining has completed the acquisition of the remaining 10 percent equity stake in Rohit Ferro-Tech (RFT) for Rs 20 crore

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New Delhi: Tata Steel Mining has completed the acquisition of the remaining 10 percent equity stake in Rohit Ferro-Tech (RFT) for Rs 20 crore, according to a company statement.

On April 12, Tata Steel said its subsidiary Tata Steel Mining Ltd (TSML) has completed the acquisition of 90 percent stake in RFT in accordance with the approved resolution plan under the Insolvency and Bankruptcy Code (IBC) 2016.

The investment from TSML in RFT was made through a combination of equity of Rs 10 crore and an inter-corporate loan of Rs 607.12 crore, the company had said.

In a regulatory filing on Thursday, the steel giant said the acquisition of 10 percent equity stake held by the Financial Creditors (FCs) in RFT was completed on June 22, 2022, for approximately Rs 20.06 crore.

In a bid to augment its ferro-alloys processing capacities, Tata Steel has also acquired Odisha-based Stork Ferro and Mineral Industries for Rs 155 crore in an all-cash deal.

(With PTI inputs)

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