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[Ferro-Alloys.com] Arcelor Mittal is now talking to the Saraf Family for a minority stake in the group's flagship company - Ferro Alloys Corporation Limited.

The Saraf Family hold 75% stake in the company, while the rest is with the public. FACOR has the capacity to produce 65,000 TPA of Charge Chrome / Ferro Chrome and 2,50,000 TPA of Chrome Ore at its Plant in Orissa.

It has also established a mining complex at Bhadrak in Orissa for the mining of Chrome Ore, the main raw material for the production of Charge Chrome/ Ferro Chrome.

E&Y is advising FACOR on the deal.

Transaction Note              

The promoters are looking to sell a minority stake in the company to raise funds for expanding their power venture. The company is setting up a 500 Mw power plant for which it needs about Rs 2,500 Cr.

It is also talking to other global players such as Bao Steel and Posco, and Indian players like Vedanta, JSW, Tata Steel and Amtek Auto have also been approached.

The promoters are expecting a valuation of about Rs 40-45 a share, i.e. a 57% premium over its current market price of Rs 23.5. At the current price, FACOR has a market capitalization of Rs 430 Cr.

Arcelor Mittal is also talking to Bhushan Power & Steel Limited for acquiring a minority stake. Earlier in the year, it also signed a co-promoter agreement with Uttam Galva Steels Ltd. by acquiring a 34.42% stake in the company for $103 Mn.

Arcelor Mittal entered India two years ago to set up plants in Orrisa and Jharkhand to make upto 24 Mtpa of steel, but the plans have not yet taken shape as the company has been caught up in lot of regulatory hassles, since then it has been looking to acquire stakes in small ventures to get a hold in the Indian market.

Arcelor Mittal is also building a a plant in Karnataka with a capacity to produce 6 Mtpa of steel with an investment of Rs 30,000cr ($6.5bn). The plant will be located in Torangal.

• [Editor:Zhang Xing]