Tata Steel aims to acquire ferro alloys producing assets of Odisha-based Stork Ferro and Mineral Industries for Rs 155 crore in an all-cash deal. In this regard, an Asset Transfer Agreement has been signed between the two companies recently.
The acquisition will be completed within two months from the date of execution of the asset transfer agreement, as per reports. SFML has two 16.5 MVA furnaces with annual production capacity of 53 kilo tonne per annum (KTPA) located at Balasore, Odisha.