Tata Steel Mining Limited signed letter of intent to acquire Rohit Ferro-Tech Limited (BSE:532731) for INR 6.2 billion on June 5, 2021. The consideration has been funded through a combination of equity of INR 100 million and inter-corporate loan of INR 6071.2 million. Pursuant to the acquisition, the nominees of TSML have been appointed on the board of RFT effective April 11, 2022, and the existing directors of RFT ceased to be directors effective April 7, 2022.

The transaction is subject to obtaining necessary regulatory approval including approval from the National Company Law Tribunal. The committee of Creditors of Rohit Ferro-Tech Limited has approved the transaction. As of April 7, 2022, the transaction has been approved by the National Company Law Tribunal.