Tata Steel acquires CPL to produce medical materials

Tata Steel acquires CPL to produce medical materials

LONDON, UK: Tata Steel Advanced Materials Limited (TSAML), an indirect wholly owned subsidiary of Tata Steel Limited, has executed a Share Purchase cum Shareholders’ Agreement for acquisition of 90% equity stake in Ceramat Private Limited (CPL). Tata Steel Limited aspires to setup a world class facility to produce medical materials and use CPL as a special purpose vehicle for this purpose.

Ceramat Private Limited (CPL) was incorporated on November 2, 2021, for the purpose of advanced ceramics with health care focus. CPL is jointly promoted by Mr. Sabyasachi Roy and Mr. Tushar Gothi. As of date, CPL has not commenced operations.

Tata Steel Limited has identified advanced ceramics as one of the new materials for strategic growth. Within advanced ceramics, the first sector of choice is in medical materials owing to high growth potential and non-cyclical nature.

Tata Steel Limited aspires to setup a world class facility to produce medical materials and use CPL as a special purpose vehicle for this purpose. The facility shall focus on producing Hydroxyapatite – a calcium phosphate-based ceramic used as bone replacement. The promoter of CPL are amongst the very few with such proven capability.

CPL promoters have the core competence of various oxide ceramic composition manufacturing through process routes like slip casting, gel casting, powder compaction, spray drying and vibro-casting instrumental in advanced ceramics manufacturing.

The acquisition consideration is INR 90,000 and the completion of the transaction is expected within 60 days from the date of signing of the agreement.

Tata Steel Europe Ltd. is a steelmaking company headquartered in London, United Kingdom, with its main operations in the United Kingdom and the Netherlands. Corus Group was formed through the merger of Koninklijke Hoogovens and British Steel plc in 1999 and was a constituent of the FTSE 100 Index.

www.tatasteel.com

About the author

Leave a Reply

Your email address will not be published.