Online edition of India's National Newspaper
Friday, Mar 09, 2007
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Online edition of India's National Newspaper Friday, Mar 09, 2007 ePaper |
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Special Correspondent
KOLKATA: Tata Steel has acquired 100 per cent equity stake in Rawmet Industries Pvt. Ltd. at an enterprise value of Rs. 101 crore. Rawmet has its plant in Cuttack in Orissa and registered office in Kolkata. An official spokesman of Tata Steel said this was the second 100 per cent acquisition of Tata Steel in Orissa. The company signed the definitive agreement on January 15 in this regard. In September 1991, Tata Steel took over the ferro alloy plant in Bamnipal from the erstwhile OMC Alloys for Rs. 156 crore as part of a divestment process. The formerly sick plant has now surpassed its installed capacity. The board of Rawmet has been reconstituted by inducting four of its five directors from Tata Steel. Rawmet has a ferro alloy plant consisting of two semi-closed electric arc furnaces having a capacity to produce around 50,000 tonnes annually of high carbon ferro chrome.
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