Vedanta Limited is implementing the approved Resolution Plan for Ferro Alloys Corporation Limited (FACOR). Vedanta Limited will acquire management control and as per approved Resolution Plan it will hold 100% of the paid-up capital of FACOR.
Vedanta Ltd has a track record of acquiring firms and turning them around as witnessed with firms such as Cairn Oil and Gas, Hindustan Zinc Limited and Electrosteel Ltd to name a few. Ferro Alloys Corporation Limited has a strong presence in the business of producing Ferro Alloys and owns a Ferro Chrome plant with capacity of 72,000 TPA, two operational Chrome mines and 100 MW of Captive Power Plant through its subsidiary, FACOR Power Limited (FPL). The chrome plant and the mines are located in Orissa.
The acquisition will complement Vedanta’s existing steel business as the vertical integration of ferro manufacturing capabilities has the potential to generate significant efficiencies and will help Vedanta to increase its portfolio in steel business.
Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world’s leading Petroleum and Metals company with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, and Aluminium & Power across India, South Africa, Namibia, and Australia.