Standard Chartered Bank offloads entire stake in Orissa Sponge Iron

Standard Chartered Bank has sold its entire 18.46 per cent stake in Orissa Sponge Iron and Steel through off-market transactions, according to a regulatory filing. Orissa Sponge Iron and Steel intimated stock exchanges that the sale which happened through off-market transactions took place on Wednesday.

Orissa Sponge Iron is promoted by Torsteel Research Foundation in India (TRFI) in joint sector with Industrial Promotion and Investment Corporation of Orissa Limited (IPICOL), a wholly-owned company of the State Government of Orissa to set up the first commercial coal based sponge iron plant in India in the backward district of Keonjhar, Orissa, as per the company's website. The company was renamed as Orissa Sponge Iron & Steel on in November, 2005.