According to a company statement, Tata Steel Mining has acquired the remaining 10% stake in Rohit Ferro-Tech (RFT) for Rs 20 crore.
On April 12, Tata Steel said its subsidiary Tata Steel Mining Limited (TSML) had completed the acquisition of a 90% stake in RFT under a resolution plan approved under the Insolvency and Bankruptcy Act 2016.
TSML’s investment in RFT was made through a combination of Rs 10 crore equity and Rs 607.12 crore intercompany loan, the company said.
The steel giant said in a regulatory filing on Thursday that a financial creditor (FC) bought a 10% stake in RFT for around Rs 20.06 crore in a deal completed on June 22, 2022.
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Tata Steel has acquired Odisha-based Stork Ferro and Mineral Industries in an all-cash deal of Rs 155 crore to boost its ferroalloy processing capabilities.
