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Tata Steel acquires 100 per cent equity in Rawmet Industries
Tata Steel Ltd pursuant to the Definitive Agreement signed on 15th January 2007, has acquired 100 per cent of equity stake in Rawmet Industries Private Limited (Rawmet), a company having its registered office at Kolkata, at an enterprise value of Rs 101 crores. 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 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 Tata Steel Ltd.
Prior to this, Tata Steel had taken over the Ferro-alloys plant in Bamnipal in Keonjhar 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/ferro-chrome.
The new feather in the Tata Steel's cap is yet another step to further strength the hundred year's relationship between the State and the Company.