Ferro alloys manufacturer Nava Bharat Ventures on Thursday said it has entered into a five-year agreement with a Tata Steel arm for conversion of high carbon ferro chrome.
In a regulatory filing, Nava Bharat Ventures said "it has entered into a conversion agreement with Tata Steel Mining (TSML), wholly-owned subsidiary of Tata Steel, with which similar arrangement subsisted, for conversion of high carbon ferro chrome. The duration of the conversion agreement with TSML is from December 1, 2020, to March 31, 2025".
Nava Bharat Ventures shares gain 6% on conversion agreement with Tata Steel Mining
The company added that the agreement postulates that the entire smelting capacity of the Odisha plant is dedicated to TSML to produce up to 70,000 metric tonnes of high carbon ferro chrome per annum. "Thereby, the arrangement should provide long-term operational stability for the ferro alloy plant and associated captive power plant at Odisha," the company said.
Shares of Nava Bharat Ventures were trading 3.52 per cent higher at Rs 57.35 apiece on BSE.
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