NCLT approves resolution plan of Tata Steel’s arm for acquisition of Rohit Ferro-Tech
8th Apr 2022

The Kolkata bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Tata Steel’s wholly-owned subsidiary --Tata Steel Mining (TSML), for the acquisition of debt-laden Rohit Ferro-Tech.

On June 6, 2021, the Committee of Creditors (CoC) in terms of the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016, declared Tata Steel Mining as the successful resolution applicant for the acquisition of Rohit Ferro-Tech, subject to necessary regulatory approvals including approval from the NCLT Kolkata bench. The NCLT on April 7, 2022, orally pronounced its Order approving the Resolution Plan submitted by TSML for acquisition of Rohit Ferro-Tech.

In a bid to augment its ferro alloys processing capacities, Tata Steel is also in the process to acquire Odisha-based Stork Ferro and Mineral Industries for Rs 155 crore in an all-cash deal.

Tata Steel, the flagship company of the Tata group, is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 company.