Nava Ltd - Cessation Of Conversion Agreement With TATA Steel Mining Limited (TSML)

As disclosed earlier, the Company has a subsisting Conversion Agreement with TSML, a Tata company, for production of High Carbon Ferro Chrome (HCFC) in its Odisha Works. This Agreement is for the period up to March, 2025. However, the Company has encountered technical issues in the production of HCFC for TSML, impacting the Plant's productivity parameters. It has therefore been decided to discontinue the Conversion of HCFC for TSML at the end of October, 2022. The Company will undertake a scheduled maintenance of the Odisha smelters in November, 2022 and switch over to production of Manganese alloys in Odisha Works. The Company has geared up for this additional production in Odisha, besides that in Telangana, aggregating to a rated capacity of 1,80,000 MT of Manganese Alloys per annum. The switchover would provide the Company better economies of scale and improved market share in the Manganese alloys segment.