Indian Metals and Ferro Alloys Limited (BSE:533047) entered into a Asset Transfer Agreement to acquire Ferro Alloys Plant of Tata Steel Limited (BSE:500470) for INR 6.1 billion on November 4, 2025. A cash consideration of INR 6.1 billion will be paid by Indian Metals and Ferro Alloys Limited. As part of consideration, INR 6.1 billion is paid towards assets of Ferro Alloys Plant of Tata Steel Limited. The transaction will be funded from internal accruals.

The transaction is subject to approval by regulatory board / committee and approval of offer by acquirer board. The deal has been approved by the board of Tata Steel Limited. The expected completion of the transaction is within six months.

Rashi Dhir, Tarinee Sudan, and Rahul Sateeja of DMD Advocates acted as legal advisors for Indian Metals and Ferro Alloys Limited. Sandesh Trivedi and Tejas Shah of RBSA Valuation Advisors LLP acted as financial advisor to Indian Metals and Ferro Alloys Limited.

Indian Metals and Ferro Alloys Limited (BSE:533047) completed the acquisition of Ferro Alloys Plant of Tata Steel Limited (BSE:500470) on February 27, 2026. The total purchase consideration for the transaction is structured as follows: a base amount of INR 6.1 billion with an additional applicable GST of INR 680.6 million. Additionally, the value of the Net Working Capital (NWC), calculated as current assets minus current liabilities, amounts to INR 292.1 million, inclusive of applicable GST. This NWC will be taken over on the closing date as specified in the Asset Transfer Agreement (ATA). The transaction has received approval from Odisha Industrial Infrastructure Development Corporation (IDCO).

Based on IDCO approval and transfer of ownership of assets, necessary process for approval from (i) Ministry of Environment, Forest and Climate Change, Government of India; ii) Factory License as per Factories Act and (ii) other authorities as is necessary for operations have been initiated.