Tata Metaliks calls off deal to sell its 300,000 tpy pig iron operations to Fomento of Goa

Apr 05, 2012 | 01:00 PM |

Tata Metaliks, a subsidiary of Tata Steel has called off a $36.73 million deal to sell its 300,000 tpy pig iron plant at Redi to one of Goa’s major exporters of iron ore, Fomento Resources, due to “irreconcilable issues”. In February, Tata Metaliks agreed to sell the Redi plant, in the Sindhudurg district of the Western Indian state of Maharashtra, to Fomento subsidiary Fomento Mining. Tata Metaliks announced the collapse of the deal in a statement to the Bombay Stock Exchange. “The Business Transfer Agreement (BTA) entered into by the Company with Fomento (Karnataka) Mining Company on September 28, 2011, for the sale/transfer of the company’s Redi business unit situated in Sindhudurg, Maharashtra....

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