In yet another acquisition for Tata Steel under the Insolvency and Bankruptcy Code, its wholly-owned subsidiary, the Committee of Creditors (CoC) of Rohit-Ferro Tech Ltd has declared Tata Steel Mining as the successful resolution applicant for the insolvent ferroalloy manufacturing company.
The National Company Law Tribunal (NCLT) will have to next approve the resolution proposal.
"Tata Steel Mining Limited (TSML), a wholly-owned subsidiary of Tata Steel Limited has been declared as the successful resolution applicant by the Committee of Creditors for the acquisition of Rohit Ferro-Tech Limited ('RFT') on June 5, 2021, subject to it obtaining necessary regulatory approvals including approval from the National Company Law Tribunal (NCLT)," Tata Steel said in a regulatory filing.
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TSML has accepted the Letter of Intent (LoI) for acquisition of RFT under the Corporate Insolvency Resolution Process (CIRP) of the IBC.
Around 11 a.m., shares of Tata Steel on the BSE were at Rs 1,136.10, higher by Rs 16.20 or 1.45 per cent from its previous close.
