Tata Steel acquires SFML's ferro alloy assets for Rs 155 crore

01 Apr 2022 CW Team

Tata Steel told the media that it will acquire ferro alloys producing assets of Stork Ferro and Mineral Industries Private Limited (SFML) based in Odisha for Rs 155 crore in an all-cash deal.

Regarding which an asset transfer agreement (ATA) is signed between the two companies, a regulatory filing said.

Tata Steel said that it has executed the Asset Transfer Agreement with Stork Ferro and Mineral Industries Private Limited (SFML) to acquire itemised assets for the production of ferro alloys. The asset purchase transaction would be carried out for a cash consideration of Rs 155 crore and the applicable tax. The transaction between the companies does not involve any share acquisition.

The acquisition would be completed in a period of two months from the date of execution of the ATA, the company told the media.

SFML owns two 16.5 mega volt ampere (MVA) furnaces having an annual production capacity of 53-kilo tonne per annum (KTPA) in Balasore, Odisha. The acquisition shall provide an inorganic growth opportunity for Tata Steel Limited to increase its ferro alloys processing capacities.

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Also read: Tata Steel UK uses bacteria-technology to recycle its emissions

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