Tata Steel acquires 100% in Rawmet Industries Pvt Ltd

Tata Steel Ltd has announced that the Company pursuant to the Definitive Agreement signed on January 15, 2007, has acquired 100% of equity stake in Rawmet Industries Pvt Ltd (Rawmet), a Company having its registered office at Kolkata, at an enterprise value of Rs 101 crores. It has a Ferro Alloy Plant near Cuttack, consisting of two 16.5 MVA semi closed electric arc furnace having a capacity of producing around 50,000 tonnes per annum of High Carbon Ferro 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 the Company.

Source : Equity Bulls

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