Tata Steel to buy Orissa-based Rawmet Ferrous

Tata Steel has entered into a definitive agreement to acquire 100% equity stake in Rawmet Ferrous Industries.

According to a release issued by Tata Steel to the BSE today, 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.