Tata Steel subsidiary to sell entire stake in NatSteel Vina for Rs 36 crore

Topics Tata Steel

A general view shows the Tata Steel works in Scunthorpe, northern England | Photo: Reuters

Tata Steel on Monday said its subsidiary NatSteel Holdings Pte (NSH) has agreed to sell its entire 56.5 per cent stake in NatSteel Vina (NSV) for about Rs 36 crore to a Vietnam-based Thai Hung Trading Joint Stock Company.

"Tata Steel's step-down subsidiary NSH has executed definitive agreements with a Vietnam-based company Thai Hung Trading Joint Stock Company to divest its entire equity stake held in NSV (56.5 per cent)," Tata Steel said in a regulatory filing.

NSH is a wholly-owned subsidiary (WOS) of TS Global Holdings (TSGH), which in turn is a WOS of T Steel Holdings, which ultimately is a WOS of Tata Steel.

Tata Steel said the deal is worth Rs 36 crore for sale of 56.5 per cent stake held by NSH in NSV.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel