Indian steelmaker Tata Steel will acquire all the ferroalloy producing assets of Stork Ferro and Mineral Industries Limited (SFMIL) located in the eastern Indian state of Odisha, a company statement said in a regulatory filing on Thursday, March 31.
An asset transfer agreement has been signed between the two companies in an all-cash deal worth $20 million, according to the filing.
The acquisition will be completed within two months of the date of execution of the asset transfer agreement.
SFMIL has two 16.5 MVA furnaces with an annual production capacity of 53,000 mt and will provide inorganic growth to Tata Steel’s ferroalloy capacities.