Tata Steel Mining’s (TSML) resolution plan for Rohit Ferro-Tech is presented to the Kolkata Bench of the National Company Law Tribunal (NCLT) on approval from the company’s creditors. TSML emerged as the highest bidders for the assets of Rohit Ferro under insolvency proceedings.
TSML is a wholly-owned subsidiary of Tata Steel. Rohit Ferro has three ferrochrome plants, two in West Bengal and one in Odisha, and a stainless steel plant in Bengal. Rohit Ferro’s acquisition will double TSML’s annual ferrochrome production capacity to 900,000mt.
Rohit Ferro was directed to the corporate insolvency resolution by NCLT after the company defaulted on debt repayment. Rohit Ferro owes Rs39,019mn to banks. Tata’s bid for Rohit Ferro is estimated at around Rs5000mn, according to local media.
Rohit Ferro has an annual ferroalloy manufacturing capacity of 274,583mt and a 100,000mt SS production plant.