Fomento Resources accquisition
On 28th September 2011, Fomento Resources signed a Business Transfer Agreement with Tata Metaliks for purchase of the pig iron plant at Redi - Maharashtra with a holding capacity of 3,00,000 tonnes. The operational plant has 3 mini blast furnaces and currently caters for the western and southern markets.
This plant is located within close vicinity to the Redi mining belt. The total agreement has been signed for a consideration of Rs 180 crores, with the final takeover planned for end 2011.