Construction Industry News
Tata Steel announced that the Kolkata Bank of the National Company Law Tribunal (NCLT) has approved the resolution plan of Tata Steel Mining Limited, its wholly owned subsidiary, to acquire debt-laden Rohit Ferro-Tech Limited.
On June 6, 2021, Tata Steel reported that the Committee of Creditors (CoC) has announced Tata Steel Mining Ltd as the successful applicant for resolution for the acquisition of 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 on April 7, 2022, the NCLT orally issued its order to approve the resolution plan submitted by TSML to purchase Rohit Ferro-Tech Limited.
Meanwhile, Tata Steel provided no further information about its resolution strategy at the time of filing.
It is also in between the process of acquiring Odisha-based Stork Ferro and Mineral Industries for Rs 155 crore in an all-cash deal to expand its ferroalloy production capacity.
Tata Steel is an Indian multinational steel producer and one of the leading steel producers in India.
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