Tata Steel Mining Limited (TSML) has been declared as the successful resolution applicant by the creditors of Rohit Ferro-Tech Limited, steel major Tata Steel said on Sunday.
Tata Steel Mining Limited is a wholly owned subsidiary of Tata Steel headquartered in Bhubaneshwar, Odisha.
In a BSE filing, Tata Steel said, "TSML has been declared as successful resolution applicant by the Committee of Creditors for acquisition of Rohit Ferro-Tech Limited on June 5, 2021, subject to it obtaining necessary regulatory approvals including approval from the National Company Law Tribunal."
TSML has accepted the Letter of Intent for acquisition of Rohit Ferro-Tech under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016, the steel maker said without elaborating further.
Tata Steel is currently the world’s second-most geographically diversified steel producer. It is one of the few steel operations that are fully integrated – from mining to the manufacturing and marketing of finished products.
The Raw Material operations are spread across India and Canada which help to be self-sufficient in steel production. Key manufacturing functions are performed by the raw materials and iron-making groups, while Shared Services provides maintenance support for a smooth production. In India, downstream business activities are structured into strategic business units such as Ferro-alloys and Minerals, Tubes, Wires, Bearings, Agrico, Industrial By-products Management & Tata Growth Shop.
Rohit Ferro-Tech Limited (RFTL), a well-differentiated player in the Ferro Alloy manufacturing sector, RFTL, previously - Rohit Ferro-Tech Private Limited operates with a vision that inspires, and a business strategy that sustains. In an attempt to forward-integrate, RFTL has set up a 100,000 TPA Stainless Steel manufacturing facility at its Bishnupur unit and the capacity utilisation is being enhanced in phases.
