Tata Steel on Wednesday said it will acquire ferro alloy assets of Odisha-based Stork Ferro and Mineral Industries (SFML) for Rs 155 crore in a cash deal. The company told the stock exchange that an asset transfer agreement was signed between the two companies in this regard on Wednesday.
Tata Steel said it has entered into an asset transfer agreement for acquisition of assets associated with ferro alloy production of Stork Ferro & Mineral Industries Pvt Ltd (SFML). The transaction will be done under a cash transaction, the total value of which is Rs 155 crore excluding taxes. This transaction does not involve any share acquisition.
The company said that this acquisition will be completed within two months from the date of entry into force of the asset transfer agreement.
Tejas New Deal: Meanwhile, Tata group firm Tejas Networks will acquire 64.40 per cent stake in semiconductor company Sankhya Labs Pvt Ltd in a cash deal worth Rs 283.94 crore. Tejas said the initial acquisition of shares in Sankhya Labs is expected to be completed in the next 90 days.