Tata Refractories Kosaki Stake Acquisition

KOLKATA: Tata Refractories has been renamed TRL Krosaki Refractories after Japan's Krosaki Harima Corporation acquired 51% equity stake in the company from Tata Steel recently.

The change in the name of the company, based at Belpahar in Jharsuguda district of Orissa, will be effective from June 3, for which necessary approvals have been obtained from the Registrar of Companies, Orissa.

Krosaki Harima Corp, which got inducted into TRL last week, is an associate of Japan's Nippon Steel. The deal was valued at Rs 576.3 crore, going by Tata Refractories' valuation at Rs 1,130 crore. This makes it one of the largest foreign acquisitions in the domestic refractories sector.

One of the largest refractory companies in the country, Tata Refractories caters to refractory consuming industries such as steel, glass, cement, non-ferrous and petrochemicals, both in India and abroad. It also has operations at Salem In Tamil Nadu, Jamshedpur, Samkhiyali (Gujarat), Jhansi and Hyderabad. It has an overseas manufacturing unit at China. In a notification to the Bombay Stock Exchange last week, Tata Steel said the company has completed the transaction and received the relevant consideration for the transfer of 51% equity shares of TRL out of its current stake of 77.46% stake.