Tata Steel has entered into a definitive agreement to acquire the entire equity of Kolkata-based Rawmet Ferrous Industries Pvt Ltd. Rawmet has its ferro alloy plant near Cuttack comprising two 16.5 MVA semi-closed electric arc furnace that can produce around 50,000 tonnes of high carbon ferro chrome per annum.

The agreement was signed at Bhubaneswar by the representatives of IMR Metallurgical Resources AG, which holds a 66.46-per cent equity stake, Rawmet Commodities Pvt Ltd which holds 12.48 per cent and other shareholders of Rawmet.

On conclusion of the transaction, the board of Rawmet Ferrous Industries Pvt Ltd will be reconstituted to include representatives of Tata Steel.