TSML gets remaining 10% stake in Rohit Ferro-Tech

30 Jun 2022 CW Team

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.

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