Tata Steel has expanded its presence in Orissa following acquisition of 100 per cent of equity stake in Rawmet Industries Private Limited, a company having its registered office at Kolkata, at an enterprise value of Rs 101 crore (Rs 1.01 billion).
This is the second such acquisition of Tata Steel in Orissa. In September 1991, it took over the ferro alloy plant in Bamnipal from Orissa Mining Corporation
RIPL has a ferro alloy plant near Cuttack, consisting of two 16.5 MVA semi -closed electric arc furnace having a capacity of producing around 50,000 tonnes per annum of high carbon ferro chrome.
The RIPL board has been reconstituted and now consists of five directors out of which four were Tata Steel nominees.
Tata Steel had taken over the ferro-alloys plant in Bamnipal in Jajpur district, which was considered as one of the first successful disinvestment projects in Orissa.
