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Tata Steel Mining successful resolution applicant for Rohit Ferro-Tech

The Committee of Creditors (CoC) of Rohit-Ferro Tech Ltd has declared Tata Steel Mining as the successful resolution applicant for the insolvent ferro alloy manufacturing company

Topics
Tata Steel | mining activity | Indo Borax Chemicals

IANS  |  Mumbai 

Photo: Bloomberg
Photo: Bloomberg

In yet another acquisition for under the Insolvency and Bankruptcy Code, its wholly owned subsidiary, the Committee of Creditors (CoC) of Rohit-Ferro Tech Ltd has declared Mining as the successful resolution applicant for the insolvent ferro alloy manufacturing company.

The National Company Law Tribunal (NCLT) will have to next approve the resolution proposal.

" 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 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.

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.

--IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, June 07 2021. 12:07 IST
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