Tata Steel on Thursday said the Kolkata bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by its wholly-owned subsidiary Tata Steel Mining Limited, for the acquisition of debt-laden Rohit Ferro-Tech Limited.
On June 6, 2021, Tata Steel had informed that the Committee of Creditors (CoC) in terms of the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016, declared Tata Steel Mining Limited as the successful resolution applicant for the acquisition of Rohit Ferro-Tech Ltd, subject to necessary regulatory approvals including approval from the NCLT Kolkata bench.
The NCLT on April 7, 2022, ''orally pronounced its Order approving the Resolution Plan submitted by TSML for acquisition of Rohit Ferro-Tech Limited,'' Tata Steel said in a regulatory filing.
However, Tata Steel did not divulge any further details related to its resolution plan in the filing.
In a bid to augment its ferro alloys processing capacities, Tata Steel is also in the process to acquire Odisha-based Stork Ferro and Mineral Industries for Rs 155 crore in an all-cash deal.
(With inputs from PTI)