Tata Steel acquires ferroalloy production assets
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Update time : 2022-04-06 19:31:56
India’s steelmaker Tata Steel will acquire all production assets of the ferroalloy business in Stork Ferro and Mineral Industries (SFMIL), located in Odisha, Eastern India. The two companies have inked an asset transfer agreement valued at Rs 155 crore, and the acquisition was expected to be concluded within two months after the deal was signed.
SFMIL has two 16.5 MVA furnaces with an annual production capacity of 53,000 tons per year in Balasore, Odisha. This acquisition will provide Tata Steel with an inorganic growth opportunity to enlarge the company’s ferroalloy processing capacities.
