Tata Steel on Thursday said it has divested its 100 per cent stake in NatSteel Holdings Pte Ltd, Singapore for $172 million (or about Rs 1,275 crore).
NatSteel Holdings is a steel-making unit under T S Global Holdings (TSGH) Singapore, a 100 per cent indirect subsidiary of India-headquartered Tata Steel Limited.
"Tata Steel divests its entire stake in NatSteel Holdings Pte Ltd Singapore," a company statement said.
Tata Steel's indirect subsidiary T S Global Holdings (TSGH) Singapore on Thursday executed definitive agreements with TopTip Holding Pte Ltd (TopTip) to divest its 100 per cent equity stake in NatSteel Holdings Pte Ltd for an equity value of $172 million (Rs 1,275 crore), it said.
The consideration received and will be used for reduction of off-shore debt, Tata Steel said.
The wires business of NatSteel in Thailand (Siam Industrial wires) has been retained by Tata Steel as part of the downstream wires portfolio, the statement said.
TopTip is a Singapore-based steel and iron ore trading company.
