Tata Steel inks Share Purchase pact with Rawmet Ferrous Industries

By Staff
|
Google Oneindia News

Mumbai, Jan 15 (UNI) Tata Steel has entered into a definitive agreement to acquire 100 per cent equity stake in Rawmet Ferrous Industries located 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 a capacity of producing around 50,000 tonnes of high carbon ferro chrome per annum, the company informed BSE in a notice issued here today.

The agreement was signed at Bhubaneswar by Tata Steel 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 the Rawmet Ferrous Industries, the release said.

On conclusion of the above transaction, the Board of Rawmet Ferrous Industries Pvt Ltd will be reconstituted to include representatives of Tata Steel.

UNI

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