Home ECONOMY Rohit Ferro-Tech to sell Odisha unit

Rohit Ferro-Tech to sell Odisha unit

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Mumbai, Dec 30:

Rohit Ferro-Tech Ltd (RFL) Tuesday said it is looking to sell, transfer or otherwise dispose off its 102,530 TPA capacity ferro-alloy plant in Jajpur district in Odisha.

(courtesy:www.moneycontrol.com)
(courtesy:www.moneycontrol.com)

According to National Stock Exchange (NSE), RFL informed the exchange that its board of directors in its meeting held Monday approved the proposal to sell, transfer or otherwise dispose of the Jajpur manufacturing unit of the company.

“Rohit Patni, managing director and Suresh Kumar Patni, director of the company have been authorized to negotiate the proposed deal with the prospective acceptable purchasers,” NSE said.

The company has been under financial stress for some time and posted a net loss of Rs. 117.54 crore in the March 2014 quarter due to increase in the cost of inputs, high finance costs and foreign exchange fluctuation and cash flow constraints. (IANS)