+
TSML gets remaining 10% stake in Rohit Ferro-Tech
COAL & MINING

TSML gets remaining 10% stake in Rohit Ferro-Tech

Tata Steel Mining completed the acquisition of another 10% equity stake in Rohit Ferro-Tech (RFT) for a sum of Rs 20 crore, as per a company statement.

On April 12, Tata Steel stated that its subsidiary Tata Steel Mining Limited (TSML) completed the acquisition of a 90% stake in Rohit Ferro-Tech (RFT) in accordance with the approved resolution plan, Insolvency and Bankruptcy Code 2016.

The investment from TSML in RFT was made via a combination of equity of Rs 10 crore along with an inter-corporate loan of Rs 607.12 crore.

On Thursday TSML said that the acquisition of a 10% equity stake held by the Financial Creditors (FCs) in RFT had been completed on June 22, 2022, for about Rs 20.06 crore.

To increase ferroalloys processing capacities, TSML also acquired Stork Ferro and Mineral Industries for a sum of Rs 155 crore in an all-cash deal.

Image Source

Also read: CIL's North Eastern Coalfields asks clearance to operationalise 2 Assam mines

Tata Steel Mining completed the acquisition of another 10% equity stake in Rohit Ferro-Tech (RFT) for a sum of Rs 20 crore, as per a company statement. On April 12, Tata Steel stated that its subsidiary Tata Steel Mining Limited (TSML) completed the acquisition of a 90% stake in Rohit Ferro-Tech (RFT) in accordance with the approved resolution plan, Insolvency and Bankruptcy Code 2016. The investment from TSML in RFT was made via a combination of equity of Rs 10 crore along with an inter-corporate loan of Rs 607.12 crore. On Thursday TSML said that the acquisition of a 10% equity stake held by the Financial Creditors (FCs) in RFT had been completed on June 22, 2022, for about Rs 20.06 crore. To increase ferroalloys processing capacities, TSML also acquired Stork Ferro and Mineral Industries for a sum of Rs 155 crore in an all-cash deal. Image Source Also read: CIL's North Eastern Coalfields asks clearance to operationalise 2 Assam mines

Next Story
Infrastructure Urban

Naidu Seeks Rs 563 Crore For AP Sports Infrastructure

Andhra Pradesh Chief Minister N Chandrababu Naidu has sought Rs 563 crore from the Centre to boost sports infrastructure in the state, including Rs 538 crore for stadium development and Rs 25 crore to host the Khelo India Martial Arts Games 2025. Naidu made the request during a meeting with Union Youth Services and Sports Minister Mansukh Mandaviya in New Delhi on Wednesday.The CM urged early completion of Khelo India infrastructure projects in Tirupati, Rajahmundry, Kakinada, and Narasaraopeta, and called for an international-standard badminton training centre and a national aquatic sports hu..

Next Story
Infrastructure Transport

Tough Bidding Norms Slow NHAI Road Project Awards

Stringent bidding rules imposed by the Ministry of Road Transport & Highways (MoRTH) have led to a slowdown in project awards by the National Highways Authority of India (NHAI), despite a robust Rs 3.5 trillion pipeline. According to an HDFC Securities report, the shift to more cautious developer models now favours firms with strong balance sheets, as tighter qualification norms limit aggressive bidders.The revised norms mandate additional performance security, targeting the exclusion of players that previously submitted low bids—often 25 to 40 per cent below NHAI cost estimates—raisin..

Next Story
Infrastructure Transport

Mumbai Gets Coastal Nod for Next Promenade Phase

As Mumbai prepares to open two major sections of its expansive seafront promenade this week, the city’s civic authority has secured a key coastal clearance to advance further construction. The Maharashtra Coastal Zone Management Authority (MCZMA) has approved the commencement of work on the segment between Haji Ali and Baroda Palace, with tendering expected soon after project cost assessments.The promenade, stretching 7.5 km in length and 20 metres wide, is being designed as a flagship open space for walkers, joggers, and cyclists. Two critical stretches—2.75 km from Tata Garden to Haji Al..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?