Tata Steel, through its wholly-owned subsidiary, Tata Steel Advanced Materials, has acquired 90 per cent equity stake in Ceramat Pvt Ltd, a company focused on advanced ceramics with healthcare.
The deal is expected to be closed in 60 days
Promoted by Sabyasachi Roy and Tushar Gothi, the company’s core competence is manufacturing ovarious oxide ceramic compositions through process routes such as lslip casting, gel casting, powder compaction, spray drying and vibro-casting, which are instrumental in advanced ceramics manufacturing.
However, the company, which was incorporated last November, is yet to commence production.
While Roy is a ceramic technologist and an entrepreneur, Gothi has been associated with the ceramics business for 16 years.
Tata Steel would acquire 90 per cent of the equity shares of CPL for Rs 90,000. Tata Steel has identified Advanced Ceramics as one of the new materials for strategic growth.
Within Advanced Ceramics, the first sector of choice is medical materials owing to their high growth potential and non-cyclical nature.
Tata Steel aspires to set up a modern facility to produce medical materials and use CPL as a special purpose vehicle for this purpose. The facility will focus on producing Hydroxyapatite – a calcium phosphate-based ceramic, which can be used as bone replacement.