According to the announcement of Cronimet Alloys India Ltd on the website of the National Stock Exchange of India, the company's board of directors has approved the acquisition of 57,039 equity shares constituting 92 percent of the total paid up share capital of Turkish mining company Atlanta Madencilik Ve Sanayi Ticaret Anonim Siketi, which is a subsidiary of Singapore-based Atlanta Natural Resources Pte. Limited, for a consideration up to $3 million.
The board of directors of Cronimet Alloys India has also approved the draft share purchase agreement placed before it for the aforesaid transaction. Atlanta Madencilik, which operates chrome and manganese mine pits, exports raw materials of ferroalloys from Turkey to be used into production in India.