Indian Metals & Ferro Alloys Ltd Completes Acquisition of Ferro Chrome Plant from Tata Steel Ltd
Indian Metals & Ferro Alloys Ltd (IMFA) has completed the acquisition of a Ferro Chrome plant from Tata Steel Ltd (TSL) located at Kalinganagar, Odisha. The acquisition was carried out in line with IMFA's strategy to drive the next phase of growth in its Ferro Chrome business by expanding capacity and leveraging locational advantages and cost synergies due to proximity to Company’s captive mines. The transaction was completed within the stipulated time of 3(three) to 6(six) months as laid down in the ATA. The base purchase consideration was Rs 610 crores plus applicable GST of Rs 68.06 crores and the value of Net Working Capital (NWC) of Rs 29.21 crores inclusive of applicable GST, as specified in ATA, taken over on the closing date.
Key Highlights
- Indian Metals & Ferro Alloys Ltd (IMFA) has completed the acquisition of a Ferro Chrome plant from Tata Steel Ltd (TSL).
- The acquisition was carried out in line with IMFA's strategy to drive the next phase of growth in its Ferro Chrome business by expanding capacity.
- The plant is located at Kalinganagar, Odisha, and is expected to provide locational advantages and cost synergies due to proximity to Company’s captive mines.
- The transaction was completed within the stipulated time of 3(three) to 6(six) months as laid down in the ATA.
- The base purchase consideration was Rs 610 crores plus applicable GST of Rs 68.06 crores and the value of Net Working Capital (NWC) of Rs 29.21 crores inclusive of applicable GST.