Kolkata, Mar 08 (UNI) After Corus, Tata Steel in accordance with its definitive agreement last month has acquired 100 per cent of equity stake in Rawmet Industries Private Limited (Rawmet) at an enterprise value of Rs.101 crore.
This is the second 100 per cent acquisition of Tata Steel Ltd in Orissa. In September 1991, Tata Steel took over the Ferro Alloy Plant in Bamnipal.
Rawmet has a Ferrow Plant near Cuttack consisting of two 16.5 MVA semi closed electric are furnace having a capacity of producing around 50,000 tonnes per annum of high Carbon Ferrow Chrome.
The Board of Rawmet has been reconstituted with nominees of the Company. Its Board now consists of five Directors out of which four are nominees of Tata Steel.
Prior to this Tata Steel had taken over the Ferrow-alloys plant in Bamnipal in Jaipur district, which was considered as one of the first successful disinvestment. In September 1991, Tata Steel took over the then " sick" unit for Rs.156 crores from erstwhile OMC Alloys. The plant has now surpassed its installed capacity of 50,000 TPA of charge chrome ferrow-chrome, company sources here today said.
UNI
This is the second 100 per cent acquisition of Tata Steel Ltd in Orissa. In September 1991, Tata Steel took over the Ferro Alloy Plant in Bamnipal.
Rawmet has a Ferrow Plant near Cuttack consisting of two 16.5 MVA semi closed electric are furnace having a capacity of producing around 50,000 tonnes per annum of high Carbon Ferrow Chrome.
The Board of Rawmet has been reconstituted with nominees of the Company. Its Board now consists of five Directors out of which four are nominees of Tata Steel.
Prior to this Tata Steel had taken over the Ferrow-alloys plant in Bamnipal in Jaipur district, which was considered as one of the first successful disinvestment. In September 1991, Tata Steel took over the then " sick" unit for Rs.156 crores from erstwhile OMC Alloys. The plant has now surpassed its installed capacity of 50,000 TPA of charge chrome ferrow-chrome, company sources here today said.
UNI
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