Tata Steel to acquire assets with Stork Ferro and Mineral Industries Pvt Ltd

Tata Steel Limited ('TSL') has today, i.e. March 30, 2022 executed an Asset Transfer Agreement with Stork Ferro and Mineral Industries Private Limited ('SFML') for acquisition of itemized assets to produce ferro alloys.

Stork Ferro and Mineral Industries Private Limited ('SFML') has two 16.5 MVA furnaces with annual production capacity of ~53 Ktpa located at Balasore, Odisha.

The asset purchase transaction will be carried out for cash consideration of ₹155 crore plus applicable tax. The transaction does not involve any share acquisition.

The asset acquisition will provide an inorganic growth opportunity for Tata Steel Limited to augment its Ferro alloys processing capacities.

Shares of Tata Steel Limited was last trading in BSE at Rs. 1307.95 as compared to the previous close of Rs. 1334.40. The total number of shares traded during the day was 237301 in over 8622 trades.

The stock hit an intraday high of Rs. 1335.95 and intraday low of 1300.10. The net turnover during the day was Rs. 310441992.00.

Source : Equity Bulls

Keywords

TataSteel INE081A01012 AssetTransfer StorkFerroandMineralIndustries FerroAlloys