Ferroalloys manufacturer Nava Bharat Ventures in a regulatory filing,  on Thursday, said it has entered into a five-year pack with a Tata Steel arm for the conversion of high carbon ferrochrome.

The Ferroalloys maker Nava Bharat Ventures said that the company has entered into a conversion agreement with Tata Steel Mining (TSML), a wholly-owned subsidiary of Tata Steel, with which a similar arrangement subsisted, for the conversion of high carbon ferrochrome.

The duration of the conversion agreement with Tata Steel Mining is from December 1, 2020, to March 31, 2025". The company added that the agreement postulates that the whole smelting capacity of the Odisha plant is dedicated to Tata Steel Mining to produce up to 70,000 metric tonnes of high carbon ferrochrome per year, whereby the arrangement should provide long-term operational strength for the ferro-alloy plant and associated captive power plant at Odisha.

Reacting to the development, Shares of Nava Bharat Ventures were trading 3.43 percent higher at Rs 57.35 per on National Stock Exchange, during the mid-noon session, Thursday.

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