+
 NCLT approves resolution plan for acquiring Ferro-Tech
Steel

NCLT approves resolution plan for acquiring Ferro-Tech

Tata Steel announced that the Kolkata bench of the National Company Law Tribunal (NCLT) approved the resolution plan by Tata Steel Mining Limited, its wholly-owned subsidiary, to acquire the debt-laden Rohit Ferro-Tech Limited.

On June 6, 2021, Tata Steel reported that the Committee of Creditors (CoC) announced Tata Steel Mining Ltd as the successful resolution applicant for acquiring Rohit Ferro-Tech Ltd under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016.

Tata Steel announced in a regulatory filing that the NCLT orally pronounced its Order approving the Resolution Plan submitted by TSML for the purchase of Rohit Ferro-Tech Limited on April 7, 2022.

Meanwhile, Tata Steel did not provide any more information on its resolution strategy in the filing.

It is also in between the acquisition process of Odisha-based Stork Ferro and Mineral Industries for Rs 155 crore in an all-cash deal to expand its ferroalloys production capacity.

Tata Steel is an Indian multinational steel-making firm and one of the leading steel manufacturers in India.

Image Source

Also read: NCLT approves composite scheme of APSEZ for SRCPL acquisition

Tata Steel announced that the Kolkata bench of the National Company Law Tribunal (NCLT) approved the resolution plan by Tata Steel Mining Limited, its wholly-owned subsidiary, to acquire the debt-laden Rohit Ferro-Tech Limited. On June 6, 2021, Tata Steel reported that the Committee of Creditors (CoC) announced Tata Steel Mining Ltd as the successful resolution applicant for acquiring Rohit Ferro-Tech Ltd under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016. Tata Steel announced in a regulatory filing that the NCLT orally pronounced its Order approving the Resolution Plan submitted by TSML for the purchase of Rohit Ferro-Tech Limited on April 7, 2022. Meanwhile, Tata Steel did not provide any more information on its resolution strategy in the filing. It is also in between the acquisition process of Odisha-based Stork Ferro and Mineral Industries for Rs 155 crore in an all-cash deal to expand its ferroalloys production capacity. Tata Steel is an Indian multinational steel-making firm and one of the leading steel manufacturers in India. Image Source Also read: NCLT approves composite scheme of APSEZ for SRCPL acquisition

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?