Tata Steel Ltd. has sold its entire stake in NatSteel Holdings for an equity value of $172 million (Rs 1,275 crore).
TS Global Holdings Pte., an indirect wholly owned subsidiary of Tata Steel, has executed definitive agreements with Toptip Holding Pte—a Singapore-based trader of iron ore and steel—to divest its entire equity stake held in NatSteel, the Indian steelmaker said in an exchange filing. The sale process of NSH shares has been completed and TSGH has received the consideration for the sale.
The buyer does not belong to the promoter or the promoter group or group companies of Tata Steel. The agreement for sale was entered on Sept. 30. and the transaction was completed on the same day.
Also, the wires business in Thailand has been carved out from NSH and consolidated with TSGH, the filing said.
Established in 2008, Toptip has an annual turnover of more than $1 billion (Rs 7,422 crore). NatSteel, according to the filing, reported revenue and net worth of Rs 2,852 crore and Rs 32 crore, respectively, in FY21.
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