SFML's Ferro Alloy Assets To Be Acquired By Tata Steel
Major steel producer Tata Steel has acquired ferro alloys producing assets of Odisha-based Stork Ferro and Mineral Industries. The acquisition is done for Rs 155 crore in an all-cash deal. SFML has two 16.5 MVA furnaces with an annual production capacity of 53-kilo tonne per annum (KTPA) located at Balasore, Odisha. The acquisition will provide an inorganic growth opportunity for Tata Steel Limited to augment its ferro alloys.
In a statement, the firm said that the acquisition will be completed within two months from the date of execution of the asset transfer agreement.
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