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. |
