FACOR acquires 51% stake in a Dutch firm owing chrome mines in Turkey

India’s leading ferro chrome producer- Facor Alloys Ltd has
acquired a 51% stake in a company of Netherlands which owns a chrome ore mining
area of 572 hectares and exploration license for an area of 26 hectares in
Kayseri in Turkey.  It was announced in a
filing made by the company to the Bombay Stock Exchange on Tuesday.

Facor Alloys Limited through its overseas subsidiary – Facor
Minerals (Netherlands) B.V. has acquired a 51% stake in a Dutch Firm –
Dillenburg Bergen NH Realty B.V. (DBR) for a consideration of $10 Mn, parent
company of M/s Cati Madencilik Ithalat ve lhracat A.S. in Turkey, which owns
the chrome ore mine and exploration license, according to Facor Alloys’ notice.

No further details were provided. Facor Alloys officials
could not be reached for further comments.

Incorporated in 1955, Facor Alloys is a producer and
exporters of Ferro Alloys, an essential ingredient for manufacture of Steel and
Stainless Steel. The Facor group owns chromite mines and produces 140,000 MT/year of high carbon ferrochrome in Odisha and Andhra Pradesh. It exports to
several countries like Korea, Japan, Italy, Netherlands, USA, Turkey, China and
Taiwan.