Kolkata, Sep 21 (IANS) Pig iron maker Tata Metaliks Ltd, promoted by Tata Steel, has again initiated efforts to sell its plant at Redi in Maharastra after a similar effort failed in April.
The company, which is the country's leading pig iron manufacturer, is currently inviting interest from parties.
"We are currently inviting interests from parties. There are few parties, all domestic. If the slump sale doesn't happen, we might take a disaggregated view, meaning we might dispose of different assets separately," Tata Metaliks chairman and Tata Group chief financial officer Koushik Chatterjee told reporters on the sidelines of the company's annual general meeting here Friday.
Tata Metaliks had entered into a business transfer agreement with Fomento (Karnataka) Mining Company Pvt Ltd in September 2011, for selling of Redi plant. It, however, could not be concluded due to some "irreconcilable issues".
"The Redi plant is now unencumbered, as we have freed it from the hypothecation by paying off the lenders out of the preference capital that we have brought in from Tata Steel," Chatterjee said.
He informed that the earlier deal was valued at Rs.180 crore.
While Tata Metaliks was planning to repay some of its debt out of the proceeds from sale of the plant, its promoter Tata Steel pumped in Rs.100 crore in May through non-cumulative redeemable preference shares to be redeemed after three years.
Tata Metaliks had acquired Redi plant in 2006 and operated it by purchasing iron ore and coke from the open market.
The company has two manufacturing facilities - Kharagpur in West Bengal and Redi.
