Tata Steel inks Share Purchase pact with Rawmet

Mumbai, Jan 15: Tata Steel has entered into a definitive agreementto acquire 100 per cent equity stake in Rawmet Ferrous Industrieslocated near Cuttack for an undisclosed consideration.

Rawmet Ferroud Industries, which has registered office at Kolkata,consists of two 16.5 MVA semi-closed electric arc furnace having acapacity of producing around 50,000 tonnes of high carbon ferro chromeper annum, the company informed BSE in a notice issued here today.

The agreement was signed at Bhubaneswar by Tata Steel and therepresentatives of IMR Metallurgical Resources AG which holds 66.46 percent equity stake, Rawmet Commodities Pvt Ltd which holds 12.48 percent equity stake and other shareholders of the Rawmet FerrousIndustries, the release said.

On conclusion of the above transaction, the Board of RawmetFerrous Industries Pvt Ltd will be reconstituted to includerepresentatives of Tata Steel.

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