Construction Industry News
Tata Steel Mining completed the acquisition of an additional 10% equity stake in Rohit Ferro-Tech (RFT) for a consideration of Rs 20 crore, according to a company statement.
On April 12, Tata Steel stated that its subsidiary Tata Steel Mining Limited (TSML) has completed the acquisition of a 90% interest in Rohit Ferro-Tech (RFT) in accordance with the approved Resolution Plan, Insolvency and Bankruptcy Code 2016.
TSML's investment in RFT was made through a combination of equity capital of Rs 10 crore along with an inter-corporate loan of Rs 607.12 crore.
On Thursday, TSML said the acquisition of a 10% equity stake held by the financial creditors (FCs) in RFT was completed on June 22, 2022 for about Rs 20.06 crore.
To increase iron alloy processing capacity, TSML also acquired Stork Ferro and Mineral Industries for Rs 155 crore in an all-cash deal.
