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

AgenciesUpdated: Friday, June 24, 2022, 02:56 PM IST
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Tata Steel Mining completes 100% acquisition of Rohit Ferro-Tech | Photo credit: Twitter

Tata Steel Mining has completed the acquisition of remaining 10 per cent 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 per cent stake in RFT in accordance with the approved resolution plan under Insolvency and Bankruptcy Code 2016.

The investment from TSML in RFT was made through a combination of equity of Rs 10 crore and 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 per cent 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.

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