Tata Steel announced that its wholly-owned subsidiary Tata Steel Mining has paid consideration for acquiring 10% equity stake held by the Financial Creditors in Tata Steel Mining’s subsidiary Rohit Ferro Tech for an amount aggregating to approximately INR 20.06 crore on 14 June 2022. Upon completion of the Transaction, the equity stake of Tata Steel Mining n Rohit Ferro Tech will increase from 90% to 100%, resulting in Rohit Ferro Tech becoming a step-down wholly-owned subsidiary of the Company.Tata Steel Mining had successfully completed the acquisition of controlling stake of 90% in Rohit Ferro Tech in accordance with the approved Resolution Plan pursuant to an order passed by the National Company Law Tribunal Kolkata, under the Corporate Insolvency Resolution Process of The Insolvency and Bankruptcy Code 2016 on 11 April 2022.Rohit Ferro Tech is engaged in the business of manufacturing of high carbon ferrochrome, mild steel billets and stainless-steel flats, within India. It is a well-differentiated player in the Ferro Alloys manufacturing sector. The revenue of Rohit Ferro Tech for the previous three financial years is as under2018-19: INR 896.28 crore2019-20: INR 739.76 crore2020-21: INR 636.34 crore
Tata Steel announced that its wholly-owned subsidiary Tata Steel Mining has paid consideration for acquiring 10% equity stake held by the Financial Creditors in Tata Steel Mining’s subsidiary Rohit Ferro Tech for an amount aggregating to approximately INR 20.06 crore on 14 June 2022. Upon completion of the Transaction, the equity stake of Tata Steel Mining n Rohit Ferro Tech will increase from 90% to 100%, resulting in Rohit Ferro Tech becoming a step-down wholly-owned subsidiary of the Company.Tata Steel Mining had successfully completed the acquisition of controlling stake of 90% in Rohit Ferro Tech in accordance with the approved Resolution Plan pursuant to an order passed by the National Company Law Tribunal Kolkata, under the Corporate Insolvency Resolution Process of The Insolvency and Bankruptcy Code 2016 on 11 April 2022.Rohit Ferro Tech is engaged in the business of manufacturing of high carbon ferrochrome, mild steel billets and stainless-steel flats, within India. It is a well-differentiated player in the Ferro Alloys manufacturing sector. The revenue of Rohit Ferro Tech for the previous three financial years is as under2018-19: INR 896.28 crore2019-20: INR 739.76 crore2020-21: INR 636.34 crore
