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Anil Agarwal-owned Vedanta has acquired Ferro Alloys Corporation (Facor) and its subsidiary Facor Power through the insolvency driven process.
The company will pay upfront cash of ₹10 crore and the rest ₹270 crore through Non-Convertible Debentures payable equally over four years starting March 2021.
Vedanta will acquire management control and as per approved Resolution Plan it will hold 100 per cent of the paid-up capital of Facor.
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.
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