Tata Metaliks has terminated the business transfer agreement (BTA) with Fomento (Karnataka) Mining Company by mutual consent on March 30, 2012.
Tata Metaliks had earlier entered into BTA with Fomento on September 28, 2011, for sale/transfer of the company’s REDI Business Unit situated in Sindhudurg Maharashtra. The BTA could not be consummated by the long stop date i.e. March 28, 2012 due to some irreconcilable issues.
Further, it was stated that the board of directors of the company continues to evaluate other strategic options of REDI Business Unit.
Tata Metaliks was set up as a joint venture between Tata Steel and WBIDC (West Bengal Industrial Development Corporation) to manufacture pig iron at its plant at Kharagpur, West Bengal. It has two plants at present, one located at Kharagpur (West Bengal) and the other at Redi (Maharashtra).
