Tata Steel to buy out ferro alloy maker Rawmet

New Delhi, Jan 15 (UNI) Steel giant Tata Steel Ltd today said it will buy 100 per cent stake in Rawmet Ferrous Industries Pvt Ltd, a maker of ferro alloys, for an undisclosed sum.

The company has entered into a definitive agreement to acquire Rawmet, which has a ferro alloy plant near Cuttack with a capacity of producing around 50,000 tonnes of high carbon ferro chrome per annum.

The agreement was signed at Bhubaneswar by the company and the representatives of IMR Metallurgical Resources AG which holds 66.46 per cent equity stake, Rawmet Commodities Pvt Ltd which holds 12.48 per cent equity stake and other shareholders of Rawmet ferrous.

On conclusion of the above transaction, the Board of Rawmet Ferrous Industries will be reconstituted to include representatives of the buyer company, leading private sectore steel maker said in a statement.

UNI