Thursday, January 18, 2007

Tata Steel buys domestic ferro-alloy maker Rawmet Ferrous

While being occupied with the Corus deal in the international arena, India’s leading private sector steelmaker Tata Steel is also making news in the domestic front. Tata Steel has acquired 100% stake in an unlisted Kolkata-based ferro-alloys firm, Rawmet Ferrous Industries, for an undisclosed sum.

The agreement was signed at Bhuvaneshwar by Tata Steel and representatives of IMR Metallurgical Resources AG, which holds 66.46% equity stake in Rawmet. Officials of Rawmet Commodities, which holds 12.48% equity stake, were also present. On conclusion of the above transaction, the board of Rawmet Ferrous Industries will be reconstituted to include representatives of Tata Steel.

Read the articles in The Economic Times and Business Standard.

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