Tata Steel pegs Rawmet EV at Rs 101cr

Tata Steel has signed a share purchase agreement to buy 100% stake in
Rawmet Ferrous Industries at an enterprise value (EV) of Rs 101 crore out of which Rs 41.31 crore is towards the equity of Rawmet.

According to a release issued by Tata Steel to the BSE today, the company is expecting the transaction to be completed by the end of February 2007.

Tata Steel, yesterday, had announced a definitive agreement to acquire 100% equity stake in Rawmet Ferrous Industries.

According to a release issued by Tata Steel to the BSE yesterday, Rawmet has its registered office at Kolkata, and a ferro alloy plant near Cuttack.

"The plant consists of two 16.5 MVA semi-closed electric arc furnace having a capacity of producing around 50,000 tonne of high carbon ferro chrome per annum," the release added.

The agreement was signed at Bhubaneswar by Tata Steel, and the representatives of IMR Metallurgical Resources AG, which holds 66.46% equity stake, Rawmet Commodities that holds 12.48% equity stake and other shareholders.