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  • Corporate News - Detailed News
Vedanta update on acquisition of Ferro Alloys Corporation
31-Jan-20   11:33 Hrs IST
Vedanta announced that pursuant to the order dated 30 January 2020 of National Company Law Tribunal Cuttack, Vedanta is implementing the approved Resolution Plan for Ferro Alloys Corporation (FACOR).

The consideration payable for the acquisition of FACOR on debt and cash free basis under the approved Resolution Plan is Rs 10 crore as well as equivalent of cash balance in FACOR's subsidiary, FACOR Power (FPL) as Upfront Payment and zero coupon, secured and unlisted Non-Convertible Debentures of aggregate face value of Rs 270 crore to the Financial Creditors payable equally over 4 years commencing March 2021.

FACOR is a company in the business of producing Ferro Alloys and owns a Ferro Chrome plantwith capacity of 72,000 TPA, two operational Chrome mines and 100 MW of Captive PowerPlant through its subsidiary, FPL.

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