<p>Tata Steel announced that the Kolkata bench of National Company Law Tribunal has orally pronounced its Order approving the Resolution Plan submitted by Tata Steel Mining Limited for acquisition of Rohit Ferro-Tech Limited. According to the plan approved by the NCLT, the secured financial creditors, led by State Bank of India, would get INR 515 crore compared with their admitted claim of INR 3,885.55 crore, while workmen and employees would get their entire claim of INR 2.12 crore. Operational creditors, other than related parties, will get INR 15 crore compared with their admitted claim of INR 260.83 crore. Moreover, Tata Steel Mining Limited will stump up Rs 85 crore as the cost of CIRP.</p><p>Rohit Ferro-Tech Limited was admitted for the corporate resolution insolvency process in February 2020 and Mr Supriyo Kumar Chaudhury was appointed as the resolution professional. Committee of Creditors had declared Tata Steel’s subsidiary Tata Steel Mining Limited as the successful resolution applicant for the acquisition of Rohit Ferro-Tech Limited on 6 June 2021, subject to necessary regulatory approvals including approval from Kolkata bench of National Company Law Tribunal.</p><p>According to company website, Rohit Ferro-Tech Limited was promoted by Mr SK Patni in 2003 with capacity of 24,000 tonnes per annum from its 2 x 9 MVA furnaces in Bishnupur in West Bengal. Now the ferroalloy capacity has been expanded</p><p>Bishnupur, West Bengal - 71,430 tonnes</p><p>Jajpur, Orissa – 102,530 tonnes</p><p>Haldia, West Bengal – 100,623 tonnes</p><p>Total – 274, 583 tonnes</p><p>It also has set up a 100,000 tonne stainless steel plant at its Bishnupur unit and the capacity utilisation is being enhanced in phases.</p><p>The acquisition will enable Tata Steel Mining to double ferro chrome manufacturing capacity to 900,000 tonnes a year. One of the plants of Rohit Ferro is located only 40 kilometres away from the Tata chrome ore mines in Jajpur district of Odisha. Tata Steel Mining has ferro chrome plants in Athagarh and Gopalpur in Odisha and three chromite mines, namely Sukinda, Kamarda and Saruabil, in Jajpur.</p>
<p>Tata Steel announced that the Kolkata bench of National Company Law Tribunal has orally pronounced its Order approving the Resolution Plan submitted by Tata Steel Mining Limited for acquisition of Rohit Ferro-Tech Limited. According to the plan approved by the NCLT, the secured financial creditors, led by State Bank of India, would get INR 515 crore compared with their admitted claim of INR 3,885.55 crore, while workmen and employees would get their entire claim of INR 2.12 crore. Operational creditors, other than related parties, will get INR 15 crore compared with their admitted claim of INR 260.83 crore. Moreover, Tata Steel Mining Limited will stump up Rs 85 crore as the cost of CIRP.</p><p>Rohit Ferro-Tech Limited was admitted for the corporate resolution insolvency process in February 2020 and Mr Supriyo Kumar Chaudhury was appointed as the resolution professional. Committee of Creditors had declared Tata Steel’s subsidiary Tata Steel Mining Limited as the successful resolution applicant for the acquisition of Rohit Ferro-Tech Limited on 6 June 2021, subject to necessary regulatory approvals including approval from Kolkata bench of National Company Law Tribunal.</p><p>According to company website, Rohit Ferro-Tech Limited was promoted by Mr SK Patni in 2003 with capacity of 24,000 tonnes per annum from its 2 x 9 MVA furnaces in Bishnupur in West Bengal. Now the ferroalloy capacity has been expanded</p><p>Bishnupur, West Bengal - 71,430 tonnes</p><p>Jajpur, Orissa – 102,530 tonnes</p><p>Haldia, West Bengal – 100,623 tonnes</p><p>Total – 274, 583 tonnes</p><p>It also has set up a 100,000 tonne stainless steel plant at its Bishnupur unit and the capacity utilisation is being enhanced in phases.</p><p>The acquisition will enable Tata Steel Mining to double ferro chrome manufacturing capacity to 900,000 tonnes a year. One of the plants of Rohit Ferro is located only 40 kilometres away from the Tata chrome ore mines in Jajpur district of Odisha. Tata Steel Mining has ferro chrome plants in Athagarh and Gopalpur in Odisha and three chromite mines, namely Sukinda, Kamarda and Saruabil, in Jajpur.</p>
