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Tata Metaliks, Fomento ink deal for Redi's divestment

Thursday 29th Sep 2011 1237

Kolkata : Tata Metaliks, part of Tata Steel, has entered into an agreement with Fomento Resources group for divestment of Redi facilities, as part of a strategic review of its portfolio.

The Redi plant, with a capacity of 300,000 tonnes of pig iron, happened to be Tata Metaliks’ largest facility. In 2010-11, Tata Metaliks’ total production stood at 477,115 tonnes. The agreement, which was signed on Wednesday, entailed selling the facilities for a consideration of Rs 180 crore, apart from working capital.

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