Through the NCLT
route Vedanta Ltd had recently acquired insolvent Electrosteel Ltd.
FACOR owns a ferro chrome plant with capacity of 72,000 tonne per annum, two operational chrome mines and a 100 MW captive power plant through its subsidiary, FACOR Power Limited (FPL). The chrome plant and the mines are located in Orissa and its turnover in FY 2019 stood at Rs 580 crore.
The acquisition will complement Vedanta’s existing steel business as the vertical integration of ferro manufacturing capabilities and has the potential to generate significant efficiencies that will help Vedanta increase steel business portfolio, said the release.