Tata Steel Mining declared successful resolution applicant for Rohit Ferro-Tech

The National Company Law Tribunal (NCLT) will have to next approve the resolution proposal. 

"Tata Steel Mining Limited (TSML), a wholly owned subsidiary of Tata Steel Limited has been declared as the successful resolution applicant by the Committee of Creditors for acquisition of Rohit Ferro-Tech Limited ('RFT') on June 5, 2021, subject to it obtaining  necessary regulatory approvals including approval from the National Company Law Tribunal (NCLT)," Tata Steel said in a regulatory filing. 

TSML has accepted the Letter of Intent (LoI) for acquisition of RFT under the Corporate Insolvency Resolution Process (CIRP) of the IBC. 

Around 11 a.m., shares of Tata Steel on the BSE were at Rs 1,136.10, higher by Rs 16.20 or 1.45 per cent from its previous close.