Tata Steel Ltd. said it has found a new buyer for its Thailand unit a day after it called off a divestment agreement with HBIS Group for its southeast Asian business.
The Indian steelmaker said in an exchange filing it has signed a memorandum of understanding with Synergy Metals and Mining Fund for divestment of 70 percent shareholding in Tata Steel (Thailand) Public Company Ltd. Tata Steel said it will continue to hold the remaining 30 percent stake under the new partnership.
Synergy Metals will carry out confirmatory due diligence, Tata Steel said in the filing. It added that post this, both parties will then complete definitive agreements.
Tata Steel's wholly-owned subsidiary TS Global Holdings Pte Ltd. had a definitive agreement with Chinese company HBIS to divest its stake in Tata Steel Thailand and NatSteel Holdings Pte Ltd. to a company where 70 percent equity shares were to be held by HBIS and the remaining by the Tata Group subsidiary. Had the deal gone through, it would have fetched Tata Steel $327 million (Rs 2,325 crore).
However, as per the exchange filing, the new deal with Synergy is for divestment only in Tata Steel Thailand and does not mention NatSteel.
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